NEW DELHI: Hyderabad accounted for the maximum sales share of new residential units in 2021 among India’s top seven cities, while Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) witnessed the lowest absorption of newly launched homes.
According to real estate consultant Anarock, of 2.37 lakh units sold across the top 7 cities in 2021, over 34% were newly launched. Hyderabad saw maximum absorption of newly-launched units – of total 25,410 units sold in 2021, nearly 55% were newly launched.
There is a big jump in demand for newly launched housing units given their share stood only 26% of the 2.61 lakh units sold in 2019. In 2020, of 1.38 lakh units sold in the top 7 cities, only 28% were launched during the year.
MMR saw the lowest absorption of newly-launched homes - of the 76,400 units sold in 2021, just 26% were launched during the year. The remaining were old projects launched before 2021. In NCR, of the 40,050 units sold in 2021, approx. 30% were launched in the same year. In 2019, of the 46,920 units sold, the sales share of newly-launched units was 22%.
In the city of Bengaluru, Chennai, Kolkata and Pune, new home absorption rate in overall sales of last year remained between 34-39%. While Hyderabad witnessed maximum absorption of newly launched projects, increase in registration cost is said to be having a negative impact on the IT city’s real estate market.
An analysis by Knight Frank India said that an increase in registration costs effective February 1, 2022 for the second time in the financial year slowed down home sales, causing apartment sales registration volumes to drop 25% YoY last month. The monthly residential property registrations in Hyderabad market stood at 5,146 units in February 2022 worth Rs 2,722 crore.