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2BHK, 3BHK or Plot? Home buyers searched for these types of homes the most in Q2 2022

The demand for homes is increasing after the Kovid-19 pandemic. The pandemic has not only driven the demand for new homes, but it has also changed the existing dynamics by creating new requirements as people are now looking for larger spaces with facilities to work from home.

The housing sector continued its growth momentum in the second quarter of 2022 and even surpassed the demand in the first quarter. According to a research report by Square Yards, new residential launches witnessed a massive 170% year-on-year growth in the second quarter of 2022, with nearly 79,000 new housing units launched across the top six cities. While MMR, Pune and Gurugram registered a growth of over 250% year-on-year in new launches (Q2 2022 vs Q2 2021), the growth in new launch volumes was even higher by 80% in Bengaluru and Hyderabad, the report said. ,

However, due to rise in property prices and rise in lending rates, new launches of housing units saw a small quarterly decline of two per cent in the second quarter of 2022, the report said. “Only MMR and Gurugram saw a quarter-on-quarter growth of 16% and 12%, respectively, while new launches in other top cities echoed the sentiments of similarly restrictive developers,” the report claimed.

In terms of new projects, the Mumbai Metropolitan Region (MMR) once again contributed the most at 38%, followed by Pune at 21%, Bengaluru at 14 per cent and Hyderabad at 20 per cent.

Mid-segment homes in demand

MMR was the most searched city, accounting for 38% of the total online searches in Q2, 2022, followed by Hyderabad at 22%. The report said that homebuyers searched the most for mid-segment properties in the budget bracket of Rs 30-60 lakh and Rs 60-100 lakh in Q2, 2022.

Over 43% supply of 3BHK configurations was noted in Bengaluru and Gurugram for Q2, 2022.

“Interestingly, mid-segment properties remained the most preferred choice for home buyers in Q2 of 2022, accounting for 57% of the total demand share, with premium category housing units (units above Rs 1 crore) in demand. increased by more than 10% as compared to Q1 2022,” the report said.

The report said that the top six cities account for 24% of the plotted developments in the total property searches. It added, “Cities like Gurugram, Noida and Pune are at the forefront of the search for plots, making up more than 33% of the total property searches in the respective cities.”

As per the report, higher interest rates and rise in housing prices may act as a sentiment deterrent for home buyers in the short term.

Hello Friends, My Name is Raushan Kumar. I am a Part-Time Blogger and Student. I am author of https://searchnews.in . We're dedicated to providing you the best of News, with a focus on Business, Health, Lifestyle, World, Tech, India, Gadget.


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