New housing supply up 51% in 2022 across seven cities: Report
NEW DELHI: New supply of residential properties rose 51 per cent last year to 3,57,635 units across seven major cities as builders launched more projects to tap rising demand, according to Anarock. In its annual report for 2022, the leading housing brokerage said new launches increased to 3,57,635 units last year from 2,36,693 units in 2021 across seven major cities.
New launches of housing units were up in five cities –Mumbai Metropolitan Region (MMR), Kolkata, Bengaluru, Hyderabad and Pune, but fresh supply fell in Delhi-NCR and Chennai.
The total new launches in 2022 remained lower than previous peak of 2014 when more than 5.45 lakh units were launched in the top seven cities, Anarock said.
As per the data, new launches in MMR jumped over two-fold to 1,24,652 units in 2022 from 56,883 units in the previous year.
Bengaluru saw a 61 per cent increase in new launches to 49,196 units in 2022 from 30,646 units earlier.
Pune too witnessed a 61 per cent growth in new launches to 64,343 units from 39,869 units in 2021.
New launches in Hyderabad rose 32 per cent to 68,007 units from 51,470 units, while the fresh supply in Kolkata was up 17 per cent to 16,088 units last year from 13,746 units.
However, Chennai saw a 19 per cent decline in new launches to 9,994 units in 2022 from 12,373 units in the previous year.
In the Delhi-NCR market, new launches of residential properties fell 20 per cent to 25,355 units during the last calendar year from 31,706 units in 2021.
On the new supply outlook, Anarock Chairman Anuj Puri said new launches are expected to remain well under control across most top cities.
“Ready-to-move-in will continue to top buyer demand but the demand for new launches will also gain momentum. This is largely because the new supply in the market is and will continue to be dominated by the large and listed developers in the new year,” he observed.
Puri highlighted that there is a sense of confidence among the buyers for these large listed developers.
“… hence they will continue to perform well and see significant sales, just as they did in 2022,” he added.
Among other findings, the report said housing sales rose 54 per cent across these seven cities in 2022 to 3,64,873 units — an all-time high– from 2,36,516 units in the previous year.
On an annual basis, housing 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, the consultant said.
Unsold housing stock stood at 6,30,953 units across these seven cities at the end of 2022.