2BHK, 3BHK or plots? Homebuyers searched most for these types of homes in Q2 of 2022

New residential launches saw a whopping 170% YoY rise in Q2 2022, with the launch of around 79,000 new housing units across the top six cities. (Pixabay)

The demand for homes has been on the rise post the Covid-19 pandemic. The pandemic has not only induced demand for new homes, but it has also altered the existing dynamics by creating new requirements as people are now looking for bigger spaces with facilities catering to working from home. 

The housing sector continued its growth momentum in Q2 2022 and even outshined the Q1 demand. As per a Square Yards research report, new residential launches saw a whopping 170% YoY rise in Q2 2022, with the launch of around 79,000 new housing units across the top six cities. Whereas the new launches in MMR, Pune, and Gurugram recorded a yearly rise of more than 250% (Q2 2022 Vs Q2 2021), the increase in new launch volumes was a significant 80% more in Bengaluru and Hyderabad as well, said the report.

However, due to a surge in property prices and a hike in lending rates, the new launches of housing units witnessed a small quarterly dip of two per cent in Q2 2022, said the report. "Only MMR and Gurugram saw a quarter-on-quarter rise of 16% and 12% respectively, while new launches in other top cities reverberated the same restrictive developers’ sentiments," the report claimed.

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

Mid-segment homes in demand

The MMR was the most searched city with a 38% share of the total online searches in Q2, 2022, followed closely by Hyderabad at 22%. The homebuyers searched most for mid-segment properties in the budget bracket of Rs 30-60 Lakhs and Rs 60-100 Lakhs in Q2, 2022, noted the report.

More than 43% supply of 3BHK configurations were noted in Bengaluru and Gurugram for Q2, 2022.

"Interestingly, while mid-segment properties continued to be the most preferred for homebuyers in Q2 2022 with 57% of the total demand share, the demand share of premium category residential units (units worth over Rs 1 crore) inched up by more than 10% as compared to Q1 2022," said the report.

The report noted that plotted developments accounted for a 24% share of the total property searches across the top six cities. "Cities namely Gurugram, Noida and Pune lead the searches for plots, forming more than 33% of the total property searches share in the respective cities," it said.

According to the report, a higher rate of interest and a rise in housing prices may act as a sentiment-disrupter for homebuyers for a short period.