Housing sales in the top 7 cities up 54% in 2022: Report
Housing sales in the top seven cities saw an increase of 54 per cent year-on-year(y-o-y) with the sale of 3,64,900 units in 2022, compared to 2,36,500 units in 2021, according to a report.
The latest report by ANAROCK Research shows that housing sales created a new peak in 2022. The last peak was seen in 2014 with the sale of 3.43 lakh units across the top 7 cities.
In terms of cities, MMR witnessed the highest sales of around 1,09,700 units in 2022, and NCR recorded sales of around 63,700 units. The two realty hotspots are together the leading residential markets in the country, stated the report.
Meanwhile, in 2022, new launches across these cities saw an annual rise of 51 per cent to nearly 3,57,600 new units compared to 2,36,700 units in 2021. MMR and Hyderabad witnessed maximum new launches in 2022, together comprising nearly 54 per cent share of the total new launches in the year.
Anuj Puri, Chairman, ANAROCK Group, said, “2022 has been a phenomenal year for residential real estate despite all headwinds including rising property prices, interest rate hikes and all geopolitical tensions and more. Housing sales in the top 7 cities breached the previous highs of 2014 while new launches in comparison remained restricted.”
Increase in input-costs
According to the report, on annual basis, prices have risen in the range of 4-7 per cent primarily due to an increase in the input costs and demand comeback post-Covid with Bengaluru and MMR registering the highest price change — 7 per cent y-o-y.
On annual basis, available inventory declined by 1 per cent in Q4 2022 across the top seven cities despite strong new housing supply in the current year 2022. As many as 6,30,953 units are available for sale across these cities in India.
“As we march into a new year, we anticipate the current sales momentum in the housing sector to continue in the first quarter of 2023. The appetite for home ownership 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,” Puri added.