According to a survey, the launch of real estate units in India remains below 2019 norms, with Tier I cities trailing in the market. The only three main markets that had a growth in real-estate unit launches over 2019 levels were NCR, Mumbai, and Hyderabad.
According to an Emkay report, launches across the country stayed at the same level as in 2020, but are 22% lower than in 2019. Emkay is a renowned institutional equities, portfolio management, wealth management, investment banking, and commodities researcher and investing firm.
Pune had the most pan-India launches (17%), followed by Hyderabad, Bangalore, and the National Capital Region (NCR). Kolkata and Chennai accounted for less than 5% of the total Indian market.
While real estate launches have not yet recovered to pre-COVID levels, the share of listed developers has climbed to around 10% in India. “The share of listed developers rose to 34 percent, 34 percent, and 9 percent in Bangalore, Noida, and Mumbai, respectively,” according to the research.
In terms of unit configuration, 2BHK flats remained popular in India. Over 40% of the market was dominated by two-bedroom homes. At the same time, the market share of three-bedroom flats is growing in India. According to the research, “two important variables driving this trend are 1) WFH/hybrid office culture and 2) high affordability measured in terms of EMI/Household income.”
In 2019, the Indian real estate market was valued at $1.72 billion, but by 2040, it is predicted to reach $9.30 billion. The real estate business is a major source of income and growth for India, and it is the country’s second-largest employer after agriculture.
Gaurvah and Gautam Malhotra – the young scions of Oasis Group says, the real estate scenario has recovered post pandemic and the number of launches have also increased. This puts a positive outlook on the realty segment.
According to them, the trend is projected to continue in the coming year, with current industry volumes approaching pre-Covid levels.
With over 5 million units in sales across India and predominantly states of Haryana, Rajasthan, Punjab, Uttar Pradesh, Himachal Pradesh, J&K and union territories of Chandigarh and Delhi make up its biggest and the fastest growing market and also further expanded to Madhya Pradesh, Andhra Pradesh, Telangana, Chhattisgarh, Kerala and Arunachal Pradesh.
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