Despite the gradual increase in home loan interest rates and property prices in 2022, it has been a good year for residential real estate.
In 2022, approximately 3,64,900 housing units were sold in the top seven cities, compared to 2,36,500 units in 2021. This represents a 54% increase year on year. In Hyderabad, sales increased by 87%. The previous peak was reached in 2014, when 3.43 lakh units were sold.
In terms of cities, the Mumbai Metropolitan Region (MMR) had the highest sales of 1,09,700 units in 2022, followed by NCR with 63,700 units. In Hyderabad, 47,487 units were sold.
Meanwhile, new launches in the top cities increased by 51% year on year, from 2,36,700 units in 2021 to nearly 3,57,600 units in 2022.
In 2022, MMR had the highest number of new launches (1,24,650 units). It was followed by Hyderabad, which launched 68,000 units in 2022, up from 51,500 in 2021. Both cities accounted for 54% share of all the residential launches in the year.
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“2022 has been a phenomenal year for residential real estate despite all headwinds including rising property prices, interest rate hikes and geopolitical tensions. Housing sales in top 7 cities breached the previous highs of 2014 while new launches in comparison remained restricted,” said Anuj Puri, Chairman, Anarock Group.
“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 endusers. A lot will depend on how the home loan interest rates pan out over the next year,” he said.
Ready-to-move-in units will continue to be in high demand among buyers. Demand for new product launches will also increase. The market will continue to be dominated by large and listed developers. Buyers have confidence in these developers, so they will continue to perform well and see significant sales, just as they did in 2022, he said.
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