Indian residential market records 9 year-high sales volume of 158,705 housing units in H1 2022: Knight Frank India
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* NCR witnesses 154% YoY rise in home sales during H1 2022
* Significant fall in Quarters to sell (QTS) of unsold inventory from 10.9 quarters in H1 2021 to 7.8 quarters in H1 2022
* Office transactions recorded at 25.3 mnsqft; translating into a massive 107% YoY growth during H1 2022
* Bengaluru (7.7 mnsq ft) and NCR (4.1 mnsq ft) lead in transaction volume
* Co-working/managed office sector witnessed maximum increase in share of total transactions from 10% in H1 2021 to 17% in H1 2022
In their latest report, Knight Frank India noted that the residential sector has recorded a 9-year high in the sales volume in H1 2022 (January – June 2022). The residential sector saw an annual growth of 60% in H1 2022 to 158,705 housing units across top eight cities in the country from 99,416 in H1 2021.The previous high was recorded in H1 2013 of 185,577 units. At an 8-year high for any half-year period, new home unit launches witnessed an addition of 160,806 units in H1 2022marking arise of 56%Year on Year (YoY) from103,238 units in H1 2021.The strong uptick in sales also brought the Quarters to sell (QTS) level down to 7.8 quarters from 10.9 quarters in H1 2021.
Mumbai (44,200), National Capital Region (29,101) and Bengaluru (26,677) were the leading residential sales performers in H1 2022.NCR and Ahmedabad witnessed the highest home sales (in terms of percentage growth) during H2 2021 at 154% and 95% YoY respectively. According to the report, residential prices recorded a strong growth across all cities during the first half of the year. The share of sales in the INR 10 mn and above ticket-size grew significantly from 20% in H1 2021 to 25% in H1 2022.
For the Commercial office segment, the India office market grew substantially and delivered a strong performance in H1 2022. Office transactions recorded at 25.3 million square feet (mnsq ft)grew by107% YoY, indicating the potential of the market on the back of a waning pandemic and the promise of a sustained economic recovery. Bengaluru led with 7.7 mnsq ft followed by NCR with 4.1 mnsq ft of office transactions during H1 2022. New completion volumes, which have been the highest since the start of the pandemic, were recorded at 24.1 mnsq ft, higher by 61% over H1 2021.
On the office market performance, Knight Frank India cited that all the top eight cities witnessed substantial growth during H1 2022, recording transactions of 25.3 mnsq ft in Jan – June 2022, whereas the office completions were recorded at 24.1 mnsq ft in the same period. Bengaluru constituted 31% of the total area transacted with the highest rental increase of 13% YoY in H1 2022. With the increasing need for flexibility and a hybrid working environment, co-working/managed office sector’s transactions share increased to 17% in H1 2022 from 10% in H1 2021.
Knight Frank India today launched the 17th edition of its flagship half-yearly report - India Real Estate: Residential and Office Market H1 2022 – which presents a comprehensive analysis of the residential and office market performance across eight major cities 1]for the January – June2022 period. As per the report latest report, India Real Estate: H1 2022
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