About 364,900 homes sold in the top seven cities in 2022, compared to 236,500 in 2021
Post Date – 11:15 PM, Tuesday – 12/27/22
The previous peak was in 2014 when 343,000 units were sold
Hyderabad: Despite gradual increases in property prices and home loan interest rates in 2022, it is a good year for residential real estate.
About 364,900 homes will be sold in the top seven cities in 2022, compared with 236,500 in 2021. A year-on-year increase of 54%. Sales in Hyderabad rose by 87%. The previous peak was in 2014, when 343,000 units were sold.
In terms of cities, Mumbai Metropolitan Region (MMR) will see the highest sales in 2022 with 1,09,700 units, followed by NCR with 63,700 units. Hyderabad sold 47,487 units.
Meanwhile, new home launches in first-tier cities rose 51% year-on-year — from 236,700 units in 2021 to nearly 357,600 units in 2022.
MMR sees the highest number of new launches in 2022 in cities (1,24,650 units). This is followed by Hyderabad with 68,000 launches in 2022 compared to 51,500 in 2021. Those two cities accounted for 54 percent of all residential launches that year.
“2022 will be a remarkable year for residential real estate despite various headwinds including rising property prices, rising interest rates and geopolitical tensions. Home sales breakout in top 7 cities,” said Anuj Puri, Chairman, Anarock Group Compared with the previous high in 2014, new home launches remained constrained.
“We expect the current sales momentum in the property sector to continue in the first quarter of 2023. Demand for home ownership remains unabated, with end users driving the biggest sales. Much will depend on the trajectory of home loan rates next year,” He said.
The ready-to-move-in units will continue to meet buyer demand. Demand for new product launches will also gain momentum. The market will continue to be dominated by large listed developers. Buyers have confidence in these developers, so they will continue to do well and sell well, as they did in 2022, he said.
