Quarterly housing sales in Q1 2022 are at an all-time high since 2015 with approximately 99,550 units sold across the top seven cities, shows latest data issued by real estate consultant Anarock. The seven cities are Mumbai Metropolitan Region (MMR), Delhi NCR, Bengaluru, Chennai, Kolkata, Pune and Hyderabad.
This is a 71% yearly rise against approximately 58,290 units sold back in Q1 2021. The two leading realty hotspots -- MMR and NCR -- accounted for over 48% of the total sales in the top seven cities, with NCR witnessing an over 114% yearly jump.
New launches across the top seven cities witnessed a 43% yearly rise – from 62,130 units in Q1 2021 to over 89,150 units in Q1 2022. As in the previous quarter, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top seven cities. Individually, the two cities saw 59% and 71% yearly increases in their new supply, respectively.
Despite spiralling new launches in this and the previous quarter, unsold inventory in the top seven cities saw an approximately 2% yearly decline – from 6.42 lakh units towards Q1 2021-end to approximately 6.28 lakh units by Q1 2022-end. Even on a q-o-q basis, unsold stock saw a 2% dip across the top seven cities. Chennai, MMR and NCR saw the highest yearly declines in Q1 2022 - by 11%, 10% and 9%, respectively.
“The bull run in the housing market continued in the first quarter of 2022, with approximately 10% q-o-q and 71% y-o-y growth in sales, thus recording all-time high quarterly sales since 2015," says Anuj Puri, Chairman - ANAROCK Group. "The impact of the third Covid-19 wave was significantly lower than of the preceding two waves. The unrelenting appetite for homeownership amid the pandemic has coupled with a growing certainty of impending price rises to speed up housing sales velocity."