Mumbai tops new property launches in Q3, Delhi saw the biggest drop: Anarock

• MMR accounted for 39% of new launches, while Delhi had only 7% share.
  
• MMR new launches increased 21% from Q2 2022.
  
• In Delhi, new launches saw a 9% year-on-year decline.

New real estate is launched are picking up in the top cities as the sector has bounced back strongly from pre-pandemic lows. Mumbai Metropolitan Region (MMR) saw the most new launches in the third quarter, in the top seven cities. According to AnarockIn its Q3 2022 Residential Market Overview, MMR accounted for 39% share of new launches – with 36,000 units.

New launches in MMR were up 21% from the second quarter and 118% compared to the same quarter last year. Of MMR’s three submarkets, Mumbai contributed nearly 79% of new supply, followed by 15% in Thane and the rest in Navi Mumbai.

Delhi NCR, on the other hand, witnessed the highest year-over-year drop in new launches. During the quarter, new launches accounted for just 7% of total new offerings in the third quarter in the top seven cities.

According to the report, approximately 6,400 new homes were completed between July and September 2022.

Inside Delhi NCR, Gurgaon had the highest supply share of 61% in Q3, but saw a 9% drop from Q2. Greater Noida, in second place, saw a 19% quarter-on-quarter increase and also witnessed an increase in new launch activity, contributing 28% to the NCR’s total new offerings.

Noida and Faridabad are the two NCR markets that have seen no new launch activity in the current quarter, the report said.

Delhi has more affordable offerings

“In contrast to the previous quarter, the mid-market segment in NCR has outperformed affordable housing launches and has become the best-launched price range among developers in the current quarter, accounting for 35% of new offerings,” the report added.

In MMR, the majority of new offerings were launched in the affordable, mid-end and high-end segments – accounting for 22%, 29% and 21% respectively for new launches in the current quarter.

Delhi also saw the largest drop in inventory, while MMR’s available inventory remained stable on a year-over-year basis, according to the report.

NCR had 1.32 lakh unsold units by the end of Q3, while Mumbai had about 1.91 lakh units.

MMR also recorded the highest home sales in the seven largest cities, with more than 26,400 home sales between July and September this year. On the other hand, NCR recorded a 2% quarter-on-quarter drop in home sales, with just 15,000 homes sold in the third quarter of 2022.

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