Housing sales witness 41% rise YoY in July-September: Anarock report
Despite rising inflation, the third quarter (Q3) of this financial year continued to witness the undisrupted housing sales momentum with 41 per cent of annual rise. Across top 7 cities, a 4 per cent QoQ was registered with 88,230 units sold in Q3 2022, said the report by ANAROCK,a real estate consultancy. The top 7 cities included Mumbai metropolitan region (MMR), North capital region (NCR), Bengaluru, Pune, Hyderabad, Chennai and Kolkata.
However, the second quarter saw approx. 84,930 units sold across the top 7 cities. And in the corresponding period of 2021, approx. 62,800 units were sold.
The report finds that MMR witnessed the highest sales of approx. 26,400 units among the top 7 cities, followed by the north capital region (NCR) with approx. 14,970 units.
MMR and Hyderabad witnessed the highest new launches in Q3 2022, with approx. 36,000 units and 15,530 units, respectively. The total number of annual units launched saw an annual increase of 45 per cent.
In terms of budget segments, 36 per cent of the total new supply was launched in the mid-segment (Rs 40– 80 lakh), 28 per cent in the premium segment (Rs 80 lakh – 1.5 crore) while 18 per cent, each in the luxury and affordable segments.
The appetite for homeownership has remained undeterred, with maximum sales being driven by the end-users and there has been increased new supply by the leading and listed developers, who also reported robust housing sales, said Anuj Puri, Chairman – ANAROCK Group.
“This trend will very likely continue in the upcoming festive quarter as well since homeownership sentiment has increased hugely post the pandemic and to maintain the sales momentum during the ongoing festive season, developers have rolled out lucrative launch offers which are being received well in the market,” said Puri.
He also said that if inflation remains at elevated levels forcing RBI to aggressively increase interest rates, there might be some turbulence in the market.
The top 7 cities witnessed an increase of 14 per cent over the previous quarter as approx. 93,500 new units were launched in Q3 2022, against 82,100 units in Q2 2022. On a yearly basis, there was a 45 per cent jump. In Q3 2021, approx. 64,560 units were launched in the top 7 cities, the report said.
The key cities contributing to new supply in Q3 2022 were MMR, Hyderabad, Pune, and Bengaluru, which together accounted for 86 per cent of the total addition.
Moreover Available inventory increased by 1 per cent in Q3 2022 over Q2 2022 due to robust new supply in the current quarter. However, on an annual basis, available inventory declined by 4 per cent in Q3 2022 across the top 7 cities, finds the report.
The report also said that residential property prices across the top cities registered a quarterly increase in the range of 1-2 per cent in Q3 2022. On an annual basis, prices have risen in the range of 4-7 per cent primarily due to an increase in input costs and demand comeback post-COVID.