Residential real estate sales in India increased by 50 per cent to 3,08,940 units during this year across eight major cities as compared to 2,05,940 units sold in 2021, according to a Real Insight report by PropTiger.com.
There is a 19 per cent year-on-year increase in house sales, with 80,770 units sold during the October-December period across eight major cities on better demand. The sales of residential properties during the same period last year stood at 67,890 units.
The report also adds that the new launches have strengthened during this year and registered a growth of 101 per cent year-on-year. As per the data, a total of 4,31,510 new homes were launched during this year, registering a 6 per cent jump as compared to the 2015 numbers.
"Despite the steady climb in home loan interest rates, customers have been interested in locking in lower prices rather than fretting about mortgage interest rates," said Vikas Wadhawan, Group CFO, Housing.com, Makaan.com and PropTiger.com.
Housing sales in Mumbai
According to the data, the housing sales in Mumbai Metropolitan Region, which includes Mumbai, Navi Mumbai, and Thane, saw an 87 per cent growth in sales to 1,09,680 units from 58,560 units last year during 2022. In the quarter ending in December, sales rose 40 per cent to 31,370 units in the last quarter of 2022 from 22,440 units in the previous year.
Housing sales in Pune
The sales of residential properties in Pune rose 46 per cent to 62,030 units during this year from 42,420 units in the previous year. In the fourth quarter of this year, it grew by 1 per cent to 16,300 units from 16,080 units in the year-ago period.
Housing sales in Delhi
While Mumbai, Pune, Ahmedabad, and Hyderabad saw a growth in sales of houses during the October-December period, the Delhi-NCR market, which includes Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad, saw a 3 per cent fall in sales to 4,280 units from 4,430 units in the same quarter last year. However, the yearly sales grew 7 per cent in the NCR to 19,240 units in 2022, from 17,910 units in the last year.
Housing sales in Bengaluru
Even Bengaluru witnessed a 30 per cent drop in housing sales to 6,560 units in October-December from 9,420 units in the year-ago period. But, just like Delhi, the IT city saw a growth in the yearly numbers. The sales went up by 22 per cent to 30,470 units in 2022 from 24,980 units last year.
Housing sales in Chennai
Housing sales in Chennai also fell 2 per cent to 3,160 units in the fourth quarter of this calendar year from 3,210 units in the year-ago period, and in the full year, it clocked 8 per cent higher sales at 14,100 units from 13,050 units in 2021.
Housing sales in Kolkata
Kolkata was also on the list of cities that saw a fall in quarterly sales of houses. The sales declined 18 per cent to 2,130 units during the quarter ending in December from 2,610 units in the year-ago period. In contrast, demand was up 8 per cent to 10,740 units this year from 9,900 units in 2021.
Housing sales in Ahemdabad
The yearly number of residential house sales in Ahemdabad was up 62 per cent in 2022 to 27,310 units from 16,880 units last year. Unlike major cities like Delhi, Bengaluru, Kolkata, and Chennai, housing sales in Ahmedabad rose 23 per cent in October-December to 6,640 units from 5,420 units in the year-ago period.
Housing sales in Hyderabad
The sales of residential properties in Hyderabad jumped over two fold to 10,330 units during October-December from 4,280 units in the same quarter last year, while the yearly sales rose 59 per cent to 35,370 units from 22,240 units in 2021.
Ankita Sood, Head of Research, PropTiger.com and Housing.com, said, "2022 has ended on a thumping note for residential real estate, and this is only the beginning of the much awaited up-cycle that is being witnessed after a decade. Demand is primarily driven by strong end-users' interest."
Residential realty outlook for 2023 remains cautiously positive, given the global macroeconomic environment and the uncertainty over the spread of the new variant, Sood observed.
With inputs from PTI
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