Housing sales in 2022 hits 9-year high; fall marginally in second half

While housing sales rose 34 per cent to 3,12,666 units in 2022 across eight major cities, the gross leasing of office space increased 36 per cent to 51.6 million square feet.
Image used for representational purpose only.
Image used for representational purpose only.

NEW DELHI: Despite a rise in annual property price of up to 7% in last 12 months, housing sales hit nine-year high in calendar year (CY) 2022 at 3.12 lakh units, according to Knight Frank India. The consultancy firm noted that 312,666 residential units were sold across the top eight markets of India in CY2022, registering a growth of 34% year on year (YoY).

Mumbai led the residential real estate sales in 2022 with 85,169 units, followed by the National Capital Region (NCR) (58,460) and Bengaluru (53,363). Shishir Baijal, Chairman and managing director, Knight Frank India, said, “The residential sector was an exceptional story of growth in 2022, as despite numerous inflictions, the pace of growth remained largely intact.”

He added, “The shift is so strong that despite some worsening in affordability on account of rising home loan interest rates, sales momentum has remained buoyant.” “We estimate pace of sales to remain unchanged in the new year,” said Baijal.

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The New Indian Express