Kolkata: Going by the momentum in housing sales in the ongoing festive period and that of the first three quarters this year, 2022 will likely breach the previous peak of 2014 with all-time high sales across the top 7 cities.
The latest ANAROCK data projects total sales in the top 7 cities to exceed 3.6 lakh units in 2022. In the previous peak year of 2014, the top 7 cities saw 3.43 lakh units sold.
The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 by approx. 2.73 lakh units sold in 9M 2022 and new launches at 2.65 lakh units. 2019 saw over 2.61 lakh units sold in the entire year, while new supply stood at 2.34 lakh units.
MMR and NCR have retained their top slot rankings in the first nine months of 2022. Approx. 1,30,450 units were collectively sold in these two regions, accounting for 48% of the total sales in the top 7 cities. Other high-selling cities were Pune, Bengaluru, and Hyderabad, which accounted for a 42% cumulative sales share.
Housing sales remained strong despite average property prices increasing in 2022, with the annual price appreciation in Q3 2022 being the best in the past seven years – 6% against Q3 2021.
Anuj Puri, Chairman, of ANAROCK Group, said, “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. Homeownership sentiment retained the vibrancy ushered in by the Covid-19 era – despite interest rates hikes of 190 bps, increased property rates, and the conspicuous lack of festive season offers and discounts this year.”
A combination of end-user and investor demand continues to zero in on projects by large and listed developers. These players report 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. 5.45 lakh homes launched across the top 7 cities.
Current trends indicate that launches in these cities will exceed 3.4 lakh units in the whole of 2022. The first nine months of 2022 saw 2.65 lakh units launched in the top 7 cities, with MMR and Hyderabad recording the maximum new launches in this period and accounting for 54% of the total new supply.