NEW DELHI: Housing sales in India’s top 7 cities will hit a new high in calendar year 2022, surpassing the previous best year reported way back in 2014, said real estate consultant Anarock on Wednesday.
Latest Anarock data shows sales in the top 7 cities to exceed 3.6 lakh units in 2022. In the previous peak year of 2014, 3.43 lakh units were sold in the top 7 cities. The January-September period of 2022 saw sales and new launches surpassing the full-year readings of 2019 with nearly 2.73 lakh units sold in 9 months of 2022 and new launches at 2.65 lakh units. In 2019, over 2.61 lakh units were sold, while new supply stood at 2.34 lakh units.
The new peak will come even as commercial banks raised nearly 2% interest rates on home loans after a rate hike by the RBI. The rate hike is said to have impacted the affordable housing segment the most while demand for expensive and luxury homes remains high. Housing sales also remained strong despite average property prices rising in 2022, with the annual price appreciation in Q3 of 2022 being the best in the past seven years – 6% against Q3 of 2021.
New launches in 2022, however, will remain lower than the previous peak of 2014, which saw nearly 5.45 lakh homes launches across top 7 cities. Current trends indicate launches in these cities will exceed 3.4 lakh units in 2022.
Anuj Puri, Chairman, of ANAROCK Group, says, “2022 will create residential market history in India, having already breached all previous highs and continuing to see strong sales momentum in the ongoing festive season. Homeownership sentiment retained the vibrancy ushered in by the Covid-19 era - despite rate hikes of 190 bps, increased property rates, and the conspicuous lack of festive season offers and discounts this year.”