Housing sale: Based on the pace of housing purchases during the current holiday season and in the first three quarters of this year, 2022 is likely to surpass the previous peak of 2014 with record-breaking sales in the top seven cities.
The top seven cities could sell more than 3.6 lakh units overall in 2022, according to the most recent data by real estate consultancy Anarock.
3.43 lakh units were sold in the cities during the previous peak year of 2014.
With approximately 2.73 lakh units sold in the first nine months of 2022 and 2.65 lakh units for new launches, the housing sales and new launches exceeded the full-year readings of 2019. Over 2.61 lakh units were sold in 2019 overall, compared to a 2.34 lakh unit fresh supply.
Mumbai in top spot
In the first nine months of 2022, the Mumbai Metropolitan Region (MMR) and NCR have maintained their top spots. Together, these two areas sold about 1,30,450 units, which represents 48% of all sales in the top seven cities.
Pune, Bengaluru, and Hyderabad were other cities with strong sales, accounting for a combined 42% of total sales.
Real estate in 2022
Despite an increase in the average price of real estate in 2022, housing sales remained robust, with the yearly price increase in the third quarter of that year being the strongest in the previous seven years (up 6% from the third quarter of 2021).
Anarock Group Chairman Anuj Puri said: “Having already surpassed all prior highs and with strong sales momentum over the current holiday season, 2022 will go down in Indian real estate history. Despite interest rate increases of 190 bps, rising property values, and the glaring absence of holiday deals and discounts this year, homeownership mood maintained the liveliness introduced during the Covid-19 era.”
Demand from both end users and investors continue to focus on the projects of big, publicly traded developers. These firms constantly claim good sales and are increasing the market’s influx of new supplies. The total number of new releases in 2022 will continue to be less than the previous high of 2014, when 5.45 lakh residences were introduced across the top 7 cities.
According to recent patterns, more than 3.4 lakh units would be launched in these locations during the entire 2022. 2.65 lakh units were introduced in the top seven cities in the first nine months of 2022, with MMR and Hyderabad registering the most new releases during this time and making up 54% of the total new supply.
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