IGI Logo

Mumbai : Defying odds like the inauspicious ‘shraadh’ period, excessive monsoons, and rising property prices and interest rates, housing sales momentum continued unthwarted in the third quarter of 2022. Latest ANAROCK data reveals that as many as 88,230 units were sold across the top 7 cities in Q3 2022 – a 4% quarterly increase and 41% annual rise.

Q2 2022 had seen approx. 84,930 units sold across the top 7 cities; in the corresponding period of 2021, approx. 62,800 units were sold. MMR witnessed the highest sales of approx. 26,400 units among the top 7 cities, followed by NCR with approx. 14,970 units.

Approx. 93,490 units were launched in Q3 2022, against 82,150 units in Q2 2022, thus increasing by 14%. In Q3 2021, approx. 64,560 units were launched, so the annual increase is a whopping 45%.

MMR and Hyderabad witnessed the highest new launches in Q3 2022, with approx. 36,000 units and 15,530 units, respectively. Interestingly, despite buoyant sales, NCR considerably restricted its new supply in comparison to other cities including MMR, Bengaluru, Pune, and Hyderabad.

In terms of budget segments, 36% of the total new supply was launched in the mid-segment (INR 40– 80 lakh), 28% in the premium segment (INR 80 lakh - INR 1.5 Cr) while 18% each in the luxury (price range) segment and affordable (price range) segments.

Amid increased new supply, existing housing inventory saw a 1% quarterly rise in Q3 2022. However, on annual basis, inventory declined by 4% in Q3 2022 across the top 7 cities. As on Q3 2022-end, the available inventory stands at over 6.30 lakh units.

Anuj Puri, Chairman - ANAROCK Group, says, “The momentum of both housing sales and new launches stayed strong in the top 7 cities in Q3 2022 despite major headwinds. The appetite for homeownership has remained undeterred, with maximum sales being driven by the end-users. Interestingly, there has been increased new supply by the leading and listed developers, who also reported robust housing sales. "This trend will very likely continue in the upcoming festive quarter as well since homeownership sentiment has increased hugely post the pandemic. To maintain the sales momentum during the ongoing festive season, developers have rolled out lucrative launch offers which are being received well in the market," says Puri.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer