The projected sales data for the top-7 cities is expected to exceed 360,000 units in 2022, as against the previous peak of 343,000 units in 2014, according to the latest survey by Anarock, a data research firm.
The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 with approx. 273,000 units sold in the first nine months of 2022, along with new launches of 265,000 units. The Mumbai Metropolitan Region (MMR) and Hyderabad accounted for the 54 per cent of the total new supply, the report said.
In comparison, the year 2019 saw a little over 261,000 units in sales the entire year, while new supply stood at 234,000 units.
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“Given the all-time high sales expected in the top-7 cities, year 2022 will surpass the previous peak of 2014, based on the momentum of in-house sales during the current holiday season and that of the first three quarters of this year,” the report said.
Says Anuj Puri, chairman, Anarock Group: “The year 2022 will create residential market history in India, having already breached all previous highs and continuing to witness strong sales momentum in the ongoing festive season. Home-ownership sentiment retained the vibrancy ushered in by the Covid-19 period – despite interest rates hikes of 190 basis points, increased property rates, and the conspicuous lack of festive season offers and discounts this year.”
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The report further said that MMR and the National Capital Region (NCR) retained their top slot rankings in the first nine months of 2022. Approximately 130,450 units were collectively sold in these two regions, accounting for 48 per cent of the total sales in the top-7 cities.
“Other high-selling cities were Pune, Bengaluru, and Hyderabad, which accounted for a 42 per cent cumulative sales share,” the report said.
Housing sales remained strong despite average property prices rising in 2022, with the annual price appreciation in Q3 2022 being the best in the past seven years – six per cent against the Q3 2021 prices.
According to the report, a combination of end-user and investor demand has continued to zero in on projects by large and listed developers. These players have reported consistently high sales and are stepping up new supply infusions into the market. Total new launches in 2022 will remain lower than the previous peak of 2014, which saw approx. 545,000 homes launched across the top-7 cities.
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