Home sales jumped 54 per cent to 3,64,900 units in 2022 against 2,36,500 units in 2021 across top seven Indian cities; the last peak was seen in 2014 when 3.43 lakh units were sold, said a report
House sales rose to 3,64,900 units in 2022 from 2,36,500 units in 2021 across the top seven Indian cities, a 54 per cent jump YoY (Year-over-year). A similar high sales volume was observed in 2014 when the top seven cities accounted for 3.43 lakh units sold, real estate consultant ANAROCK said in a report.
The Mumbai Metropolitan Region (MMR) saw the highest sales at 1,09,700 units sold in 2022, followed by the National Capital Region (NCR) with 63,700 units, both regions considered realty hotspots.
“2022 has been a phenomenal year for residential real estate despite all headwinds, including rising property prices, interest rate hikes, geopolitical tensions, etc. Housing sales in top 7 cities breached the previous highs of 2014 while new launches in comparison remained restricted," Anuj Puri, the chairman of ANAROCK Group said.
Meanwhile, new launches in top seven cities saw 51 per cent annual rise—from 2,36,700 units in 2021 to nearly 3,57,600 new units in 2022. MMR and Hyderabad witnessed maximum new launches in 2022, together comprising nearly 54 per cent share of the total new launches in the year.
“While it was widely anticipated that the rise in property costs and interest rates towards the second half of 2022 would have a cascading impact on the residential sales, Q4 2022 remained robust with as many as 92,160 units sold in the period,” said Puri.
He added, “Interestingly, NCR became the shining star in 2022 which deliberately restricted new supply in the year to approximately 22,350 units but witnessed robust housing sales of 63,700 units.”
Puri expects the current sales momentum to continue in the first quarter of 2023. “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," he added.
Housing Sales Overview City-wise
Residential sales stood at approximately 3,64,900 units in 2022 against 2,36,500 units in 2021 across the top seven cities—rising yearly by 54 per cent. NCR, MMR, Bengaluru, Pune, and Hyderabad accounted for 90 per cent of the sales in the quarter.
MMR recorded the highest sales in 2022 across the top seven cities. With nearly 1,09,800 units sold in 2022, the city witnessed an annual increase of 44 per cent.
NCR recorded sales of approximately 63,800 units in 2022, a significant increase of 59 per cent over the last year. Pune recorded sales of around 57,200 units in 2022, an increase of 59 per cent over 2021.
Around 49,500 units were sold in Bengaluru in 2022, an annual increase of 50 per cent. Hyderabad recorded sales of about 47,500 units, a massive yearly increase of 87 per cent over 2021. Kolkata recorded sales of approximately 21,200 units in 2022, an annual increase of 62 per cent from the previous year. Around 16,100 units were sold in Chennai, a yearly jump of 29 per cent over 2021.