The substantial pick up in new housing projects launches, is set to give a big push to the sale of residential units, quickening the pace of the residential real estate market recovery.
That the new home launches have gained traction, is clearly evident from the recent residential review of India’s top cities by Square Yards. The Q3, 2021 report mentions about a 68 percent quarterly rise in new residential launches across top six cities of MMR, Pune, Gurugram, Noida, Bangalore and Hyderabad. MMR registered the highest share of new launches at 27 percent, followed by Hyderabad at 27 percent, followed by Hyderabad at 23 percent , Pune at 20 percent , Bangalore 15 percent, Gurugram 11 percent and Noida 4 percent. The rise in new launches is attributed to home seekers’ preference for buying homes rather than renting them”.
Says Pradeep Aggarwal, Founder & Chairman, Signature Global, ” Home buyers are clearly discounting the development risk of investing in newly launched projects. But they are carefully preferring branded developers with good track records. Also, post- covid, developers have taken to developing projects which meet the requirements of home buyers by offering flexible configurations, with provisions for home office. These value for money lifestyle homes in gated complexes offer best of amenities and green , serene open spaces to attract homebuyers.