Residential real estate sales in India have witnessed a 50 per cent YoY growth in 2022, while new launches further strengthened during the year and registered a growth of 101 per cent YoY with a total of 4,31,510 new homes launched during the calendar year 2022, according to a report by online real estate brokerage company PropTiger.com.
A total of 3,08,940 units were sold in 2022 as compared to 2,05,940 units sold in 2021, according to the report, titled ‘Real Insight Residential – Annual Round-up 2022 (January – December)’.
It added that the figures include the sales numbers for all four quarters in both calendar years for the top-eight cities, including Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.
“A total of 4,31,510 units were launched in 2022 registering a sharp growth of 101 per cent YoY as against 2021. New launches witnessed a multi-year high, registering a 6 per cent increase as compared to 2015 levels. Mumbai has been the frontrunner in terms of new supply in 2022, taking a share of 39 per cent in the overall launches, followed by Pune and Hyderabad which took a share of 18 per cent and 19 per cent, respectively,” PropTiger said in the report.
It also said this improvement in key growth metrics for the sector, the second-largest employment generator in India after agriculture, could largely be attributed to improved consumer sentiment on the back of renewed importance of home ownership during the pandemic, and sustained economic recovery post-pandemic.
Demand has grown both sequentially and yearly in all four quarters of the year. The western markets Mumbai and Pune continued to show maximum traction, taking a combined share of 56 per cent in overall sales in 2022.
A large chunk (26 per cent) of the sales is concentrated in the Rs 45-75 lakh price range. The share of units in the more than Rs 1 crore price bracket has been growing continuously. This price bracket took a share of 22 per cent in 2022, the highest in a decade. In 2022, 21 per cent of the units sold were ready to move in while the remaining 79 per cent were under construction.
In Q4 2022, residential demand was at par with the pre-pandemic levels of 2019. With 80,770 units sold in the final quarter of 2022, the demand registered 19 per cent growth over Q4 2021. While property prices and interest rate hikes have slowly begun to outweigh positive homebuyer sentiment to an extent and are expected to have a short-term impact, the overall consumer outlook continues to remain positive, it said.
The visible change in approach towards home ownership amongst consumers in the aftermath of the pandemic, has infused confidence in the stakeholders and encouraged real estate developers across top cities of India to launch new projects throughout 2022.
In Q4 2022, 1,45,030 units were launched, recording a 95 percent increase YoY. The new launches have stayed above the 1,00,000 mark for the third consecutive quarter in 2022.
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