Real estate boom! Housing sales up 19% in Oct-Dec across 8 cities; demand grows 50% in 2022

Real estate boom: According to housing brokerage firm PropTiger.com’s report Real Insight, housing sales rose 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.

Housing sales increased 19 per cent year-on-year to 80,770 units during the October-December period across eight major cities on better demand, according to PropTiger. Sales of residential properties stood at 67,890 units in the corresponding period of the last year. According to housing brokerage firm PropTiger.com’s report Real Insight, housing sales rose 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.

Vikas Wadhawan, Group CFO, Housing.com, Makaan.com & PropTiger.com, said “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.”

As per the data, housing sales in Ahmedabad rose 23 per cent in October-December to 6,640 units from 5,420 units in the year-ago period. Sales were up 62 per cent in 2022 to 27,310 units from 16,880 units last year.

In Mumbai Metropolitan Region (MMR) — which includes Mumbai, Navi Mumbai and Thane, the housing sales rose 40 per cent to 31,370 Units in October-December from 22,440 units in the year-ago period. During the full year, the financial capital saw an 87 per cent growth in sales to 1,09,680 units from 58,560 units last year.

The sales of residential properties in Pune grew 1 per cent to 16,300 units in the fourth quarter of this year from 16,080 units in the year-ago period. Sales rose 46 per cent in Pune to 62,030 units during this year from 42,420 units in the previous year.

Ankita Sood, Head of Research, PropTiger.com and Housing.com, said, “2022 has ended with a thumping note for residential realty, and this is only the beginning of the much-awaited up-cycle which is being witnessed after a decade. Demand is primarily driven by strong end-users interest.”

The 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.

Sad picture for Delhi-NCR

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. However, the IT city saw a 22 per cent growth in sales to 30,470 units in 2022 from 24,980 units last year.

Housing sales in Chennai 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. But, in the full year, the city clocked 8 per cent higher sales to 14,100 units from 13,050 units in 2021.

The Delhi-NCR market saw a 3 per cent fall in sales to 4,280 units during October-December from 4,430 units in the corresponding quarter last year. However, sales grew 7 per cent in the NCR to 19,240 units in 2022, from 17,910 units in the last year.

The Delhi-NCR market data comprises Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad. The sales of residential properties in Hyderabad jumped over twofold to 10,330 units during October-December from 4,280 units in the same quarter last year. The sales rose 59 per cent in 2022 to 35,370 units from 22,240 units.

In Kolkata, the sales declined 18 per cent to 2,130 units during October-December from 2,610 units in the year-ago period. In contrast, the demand was up 8 per cent to 10,740 units this year from 9,900 units in 2021.