New Home Supply Falls 13% in April-June as Builders Launch Fewer Projs Due to Polls: PropEquity

Fresh supply of housing units is estimated to decline 13 per cent during this quarter across nine major cities with builders launching less number of projects because of the general election, according to real estate data analytic firm PropEquity. PropEquity data shows that new housing supply in April-June is estimated to fall to 97,331 units across nine major cities as against 1,11,657 units in the year-ago period.

Pune and Hyderabad are witnessing fewer launches during this quarter while the new supply in Delhi-NCR has almost doubled.

Samir Jasuja, Chief Executive Officer & Managing Director of PropEquity, attributed the fall in new supply of housing units to the Lok Sabha election which took place in this quarter.

The new supply is 7 per cent lower from the January-March quarter of this calendar year, he added.

As per the city-wise data, new launches of residential properties in Delhi-NCR are likely to rise 95 per cent to 11,118 units during April-June this year from 5,708 units a year ago.

The new supply of housing in Bengaluru is likely to rise 21 per cent to 14,297 units from 11,848 units.

In Chennai, the launches are likely to rise 67 per cent to 5,754 units from 3,634 units.

However, the fresh supply in Hyderabad is estimated to fall 36 per cent to 11,603 units from 18,232 units.

In Kolkata, new supply is likely to fall 26 per cent to 3,411 units from 4,617 units.

Housing supply in Mumbai is estimated to dip 6 per cent to 9,918 units from 10,502 units.

Navi Mumbai is likely to witness a 5 per cent decline in new supply of homes to 6,937 units from 7,272 units.

New launches in Pune are seen falling 47 per cent to 15,568 units from 29,261 units.

In Thane too, the new supply of residential properties is estimated to fall 10 per cent to 18,726 units in April-June from 20,781 units in the year-ago period.

PropEquity has estimated a marginal 2 per cent dip in housing sales during April-June 2024 to 1,19,901 units from 1,21,856 units in the corresponding period of the preceding year.

PropEquity is a real estate data and analytics company. It tracks over 1,73,000 projects of about 57,500 developers across 44 cities in India on a real-time basis.