New supply of residential properties likely to rise 44% to 3.4 lakh units in 2022
Fresh supply of residential properties is expected to rise 44 per cent this year across seven cities to 3.4 lakh units as developers look to tap increase in demand, according to Anarock.
Property consultant Anarock data showed that new launches stood at 2.65 lakh units during January-September this year across primary markets of seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Chennai, Hyderabad and Kolkata. The current trends indicate that launches in these cities will exceed 3.4 lakh units in the entire 2022 calendar year, the consultant added.
“Total new launches in 2022 will remain lower than the previous peak of 2014, which saw approximately 5.45 lakh homes launched across the top 7 cities,” Anarock said.
As per the data, new home launches stood at 4,64,060 units in 2013, 5,45,230 units in 2014, 3,89,970 units in 2015, 2,49,840 units in 2016, 1,46,860 units in 2017, 1,95,300 units in 2018, 2,36,560 units in 2019, 1,27,960 units in 2020 and 2,36,690 units in 2021. New launches fell to nearly 1.28 lakh units during the 2020 calendar year as demand for residential properties was severely impacted due to the COVID pandemic and nationwide lockdown to curb the spread of the disease.