The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 with approx. 2.73 lakh units sold in 9M 2022 and new launches at 2.65 lakh units

 

Going by the momentum in housing sales in the ongoing festive period and that the first three quarters this year, total housing sales will exceed 3.6 lakh units in the seven cities in 2022. In the previous peak year of 2014, the seven cities i.e., Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune, Bengaluru, Chennai, Kolkata, and Hyderabad 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 with 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 seven cities. Pune, Bengaluru, and Hyderabad accounted for a 42% cumulative sales share.

 

Housing sales remained strong despite average property prices increasing in 2022 due to cost escalations, with the annual price appreciation in Q3 2022 being the best in the past seven years – 6% against Q3 2021.

 

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 seven cities, with MMR and Hyderabad recording the maximum new launches in this period and accounting for 54% of the total new supply.

 

Source: https://realty.economictimes.indiatimes.com/