Housing Sales keeps soaring across major tier 1 cities over the past 1.5 years with Delhi NCR Leading from the front. This is a major comeback with more houses being sold than any year in the last decade.
- Tier 1 cities have seen over 65% rise in sales against units sold in Q1 2021
- Delhi NCR Leads the charge with more than a 120% yearly jump
- Almost the double no of new launches has happened in 2022 compared to 2021.
- Hyderabad has made a major re-entry into being one of the hottest residential real estate markets seeing a 65% rise in property sales.
Apart from new inventory, there has been a decline of unsold inventory considering the past years.
Average property prices have seen a rise in 2-4% with Hyderabad seeing over 5% increase in property prices.
This change in market sentiments and the trust shown by investment houses and end customers has brought about a drastic u-turn in the residential sales market from the covid days bringing it to the biggest high in a decade.
More technologically and digitally savvy developers, well-structured and well-planned out projects have been met with a warm welcome by investors and end-users alike. This bull run is expected to continue over 2022 and 2023 as well.
National Sales Overview
Approx. lakh units were sold in 2022 in the first quarter – a significant increase of 60% over last years the same timeframe. Delhi NCR, Mumbai Metropolitan, Bangalore, Pune, and Hyderabad together accounted for 84% sales in the quarter.
- Hyderabad recorded sales of 12,000 plus units in Q1 2022, a massive spike of 200% over the same quarter last year– majorly owing to the new supply of inventory added over the past 2 years.
- NCR and Kolkata also saw massively increased sales in 2022 when compared to the other top cities. Sales in NCR and Kolkata increased by over 110% and 135% respectively over 2021 Q1.
- Mumbai and Bengaluru saw housing sales increase by 43% and 55% respectively in Q1 2022 against Q1 2021, with approx. 30,000and 14,000 units sold, respectively
- Pune saw 14,000 plus units sold in Q1 2022, a 30% increase from last years.
Price Increase:
Most top tier 1 cities saw average residential property prices increase in the range of 2-5% in 2022 when compared to 2021, largely owing to the increase in prices of construction raw materials. Chennai and Hyderabad recorded the highest increase of 5% compared to last year.
Available Inventory
Compared to last year the spike in sales has resulted in a 2% reduction in available inventory company to last year. Chennai, Mumbai and NCR saw the largest reductions in inventory compared to other cities by around 9-12%.
Overall, the housing industry is looking like it has made a complete turnover compared to the last few years and is expected to remain in good shape over this year as well.
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