Amidst housing sales hitting new peak in Q2 2023, the trend of pick up in new launches has gained momentum..
According to a latest report by Anarock Group, new launches across the top 7 cities once again breached the one lakh mark and witnessed 25% yearly rise – from 82,150 units in Q2 2022 to over 1,02,610 units in Q2 2023. Interestingly, MMR and Pune again saw the maximum new supply, accounting for 63% of the total new launches. Individually, the two cities saw 31% and 29% yearly increase in their new supply, respectively.
New Launch Overview
The key cities contributing to new launches in Q2 2023 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for 84% supply addition.
Source: ANAROCK Research
Amid robust sales, available inventory across the top 7 cities reduced by 2% on yearly basis to approximately 6.14 lakh units as of Q2 2023-end. NCR witnessed the highest yearly decline of 21%. As the unsold inventory
gets reduced substantially in view of the robust sales, new launches may further see rise, though in a calibrated manner.
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