Housing sales in the top metropolitans in India have created a new peak in 2022, breaching the previous high of 2014. About 364,900 units were sold in 2022 against 236,500 units in 2021 across the top 7 cities, a rise of 54 on a yearly basis, data from real estate consultancy firm Anarock showed.
The last peak was seen in 2014 when 3.43 lakh units were sold across these cities - Delhi NCR, Mumbai region, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata.
City-specific, data showed Mumbai witnessed the highest sales of about 109,700 units in 2022, followed by the National Capital Region at 63,700 units, and they together once again led the residential markets.
"(Year) 2022 has been a phenomenal year for residential real estate despite all headwinds including rising property prices, interest rate hikes and all geopolitical tensions etc. Housing sales in top 7 cities breached the previous highs of 2014 while new launches in comparison remained restricted," said Anuj Puri, Chairman - of ANAROCK Group.
"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 quite robust with as many as 92,160 units sold in the period," said Puri.
In 2023, Anarock anticipates the current sales momentum in the housing sector to continue at least in the first quarter (January-March), with the rationale that appetite for homeownership has remained undeterred and maximum sales being driven by the end-users.
"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," Puri added.
Meanwhile, new unit launches across these cities saw a 51 percent annual rise - from 236,700 units in 2021 to nearly 357,600 new units in 2022. Mumbai and Hyderabad witnessed maximum new launches in 2022, together comprising nearly 54 percent share.
( With inputs from ANI )
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