Housing sales in India’s top seven cities created a new peak in 2022, breaching the previous high of 2014. This comes despite hike in property prices and home loan interest rates in 2022.
According to real estate consultancy firm Anarock, approx 3,64,900 units were sold in 2022 against 2,36,500 units in 2021 across the top 7 cities – rising by 54% on Y-o-Y.
The last peak was seen in 2014 when 3.43 lakh units were sold across the top 7 cities.
In terms of cities, Mumbai Metropolitan Region (MMR) witnessed the highest sales of approx. 1,09,700 units in 2022, followed by National Capital Region (NCR) with approx. 63,700 units. The two realty hotspots are together once again the leading residential markets.
Meanwhile, new launches across the top 7 cities saw 51% annual rise – from 2,36,700 units in 2021 to nearly 3,57,600 new units in 2022. MMR and Hyderabad witnessed maximum new launches in 2022, together comprising nearly 54% share of the total new launches in the year.
Anuj Puri, Chairman - ANAROCK Group, says, “While it was widely anticipated that the rise in property costs and interest rates towards the second half of 2022 would have a cascading impact on the residential sales, Q4 2022 remained quite robust with as many as 92,160 units sold in the period,” says Puri.
“Interestingly, NCR became the shining star in 2022 which deliberately restricted new supply in the year to approx. 22,350 units but witnessed robust housing sales of 63,700 units.”
Puri anticipate the current sales momentum in the housing sector to continue in the first quarter of 2023.
“The appetite for homeownership has remained undeterred, with maximum sales being driven by the end-users. However, various risks loom large around the residential segment. A lot will depend on how the home loan interest rates pan out over the next year,” he said.
Pune recorded sales of around 57,200 units in 2022, an increase of 59% over 2021 while 49,500 units were sold in Bengaluru in 2022, an annual increase of 50%. Hyderabad recorded sales of approx. 47,500 units in 2022, a massive yearly increase of 87% over 2021 and Kolkata recorded sales of approx. 21,200 units in 2022, an annual increase of 62% from the previous year. Approx. 16,100 units were sold in Chennai in 2022, a yearly jump of 29% over 2021.