“Approx. 3,64,900 units were sold in 2022 against 2,36,500 units in 2021 across the top 7 cities – rising by 54% on Y-o-Y. The last peak was seen in 2014 when 3.43 lakh units were sold across the top 7 cities," the report said.
The Mumbai Metropolitan Region (MMR) market clocked the highest sales of 1,09,700 units in 2022, followed by NCR at 63,700 units. According to the data, housing sales in Delhi-NCR rose 59% on year to 63,712 units in 2022.
The two were again leading residential markets.
Meanwhile, new launches across the top seven cities saw 51% 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% share of the total new launches in the year.
Anuj Puri, chairman, Anarock Group, said, ‘’2022 has been a phenomenal year for residential real estate despite all headwinds including rising property prices, interest rate hikes and geopolitical tensions etc."
“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 (October-December) remained quite robust with as many as 92,160 units sold in the period," Puri said.
“...we anticipate the current sales momentum in the housing sector to continue in the first quarter of 2023. The appetite for homeownership has remained undeterred, with 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," as per the report.
Unsold inventory declined 1% in the December quarter across the top seven cities to 6,30,953 units.
“On annual basis, available inventory declined by 1% in Q4 2022 across the top 7 cities despite strong new housing supply in the current year 2022. As many as 6,30,953 units are available for sale across the top 7 cities in India," it said.
