Going by the momentum created during the ongoing festive season, housing sales in the top 7 cities across India will likely exceed 3.6 lakh units in 2022 surpassing the previous peak of 3.43 lakh units in 2014. According to a report by ANAROCK, the January- September period of 2022 saw housing sales and new launches breach the full-year readings of 2019 with approximately 2.73 lakh units sold during the first nine months of 2022 and new launches at 2.65 lakh units. And 2019 saw over 2.61 lakh units sold during the entire year while new supply remained at 2.34 lakh units. “2022 will create residential market history in India, having already breached all previous highs and continuing to witness strong sales momentum in the ongoing festive season,” said Anuj Puri, Chairman, ANAROCK Group.
In terms of region, MMR and NCR retained their top positions in the first nine months of 2022 with approximately 1,30,450 units collectively sold in these two regions, which accounts for 48 per cent of the total sales in the top 7 cities. Besides these, other cities that performed well are Pune, Bengaluru and Hyderabad, cumulatively accounting for 42 per cent sales share. In terms of new supply, MMR and Hyderabad stayed at the top in the first nine months of 2022, contributing 54 per cent of total new launches.
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The increase in sales is despite average property prices increasing in 2022 with the annual price appreciation in Q3 2022 being the best in the past seven years, against 6 per cent in Q3 2021. “Homeownership sentiment retained the vibrancy ushered in by the Covid-19 era – despite interest rates hikes of 190 bps, increased property rates, and the conspicuous lack of festive season offers and discounts this year,” said Anuj Puri.
Large and listed developers are consistently reporting high sales and are stepping up new supply infusions into the market. However, total launches this year, the report said, will remain lower than the previous peak of 2014, which registered approximately 5.45 lakh homes launches across the top 7 cities.