Business

Housing Sales Bull Run Continues in Q1 2022, Over 99,550 Units Sold in Top 7 Cities

Sales numbers in a quarter at all-time high since 2015; annually, top cities register over 71% Y-o-Y rise in sales against 58,290 units sold in Q1 2021

MMR & NCR account for 48% of total sales; NCR sees 114% yearly jump

New launches rise 43% Y-o-Y – from 62,130 units in Q1 2021 to over 89,150 units in Q1 2022

MMR & Hyderabad account for 51% of total launches in top cities; individually see 59% & 71% yearly rise, respectively

Mid-segment homes priced INR 40 – 80 lakh continue to dominate new supply with 35% share, followed by premium (INR 80 lakh – INR 1.5 Cr) & affordable segments (<INR 40 lakh) with 25% share each

Despite surge in new supply, unsold stock in top 7 cities declines 2% annually – from approx. 6.42 lakh units in Q1 2021-end to approx. 6.28 lakh units by Q1 2022-end

Avg. property prices in top 7 cities see 4% yearly rise – Hyderabad records highest 5% increase

Quarterly housing sales in Q1 2022 are at an all-time high since 2015 with approx. 99,550 units sold across the top 7 cities, reveals latest ANAROCK Research data. This is a 71% yearly rise against approx. 58,290 units sold back in Q1 2021. The two leading realty hotspots – MMR and NCR – accounted for over 48% of the total sales in the top 7 cities, with NCR witnessing an over 114% yearly jump.

New launches across the top 7 cities witnessed a 43% yearly rise – from 62,130 units in Q1 2021 to over 89,150 units in Q1 2022. As in the previous quarter, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities. Individually, the two cities saw 59% and 71% yearly increases in their new supply, respectively.

Despite spiralling new launches in this and the previous quarter, unsold inventory in the top 7 cities saw a approx. 2% yearly decline – from 6.42 lakh units towards Q1 2021-end to approx. 6.28 lakh units by Q1 2022-end. Even on a q-o-q basis, unsold stock saw a 2% dip across the top 7 cities. Chennai, MMR, and NCR saw the highest yearly declines in Q1 2022 – by 11%, 10% and 9%, respectively.

A person in a suit and tie
Description automatically generated with medium confidence“The bull run in the housing market continued in the first quarter of 2022, with approx. 10% q-o-q and 71% y-o-y growth in sales, thus recording all-time high quarterly sales since 2015,” says Anuj Puri, Chairman – ANAROCK Group. “The impact of the third Covid-19 wave was significantly lower than of the preceding two waves. The unrelenting appetite for homeownership amid the pandemic has coupled with a growing certainty of impending price rises to speed up housing sales velocity.”
New Launch Overview
The top 7 cities recorded new launches of around 89,150 units in Q1 2022 against 62,130 units in Q1 2021, increasing by 43% over the previous year’s corresponding period. The key cities contributing to new launches in Q1 2022 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for an 82% supply addition.
MMR saw approx. 23,640 units launched in Q1 2022 – a significant increase of nearly 60% over Q1 2021. More than 57% new supply was added in the sub-INR 80 lakh budget segment
Hyderabad added approx. 21,550 units in Q1 2022, a yearly increase of 71% over the corresponding period last year. Over 63% new supply was added in the INR 80 lakh to INR 2.5 Cr price bracket
Pune added new supply of approx. 14,490 units in Q1 2022 compared to 13,820 units in Q1 2021 – an increase of 5%
Bengaluru added approx. 13,210 units in Q1 2022, a significant yearly increase of 72%. Approx. 65% new supply was added in the mid-range and premium segments, i.e., the INR 40 Lakh – INR 1.5 Cr. price bracket
NCR saw an increase of 38% in new launches over Q1 2021 of the previous year with approx. 9,300 units launched in Q1 2022
Chennai added approx. 3,060 units in Q1 2022, a yearly decrease of 34% over Q1 2021. It was the only city to see a decline in new supply
Kolkata added approx. 3,900 units in Q1 2022, a significant increase of 115% over Q1 2021. Approx. 55% new supply was added in the affordable segment
Overall Sales Overview
Approx. 99,550 units were sold in Q1 2022 – a significant increase of 71% over Q1 2021. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 89% sales in the quarter.
Hyderabad recorded sales of 13,140 units in Q1 2022, a massive spike of 199% over Q1 2021 – mainly due to continuous flow of new supply in the city over the past 5-6 quarters
NCR and Kolkata also saw massively increased sales in Q1 2022 when compared to the other top cities. Sales in NCR and Kolkata increased by 114% and 124% respectively over Q1 2021, with approx. 18,835 and 5,990 units sold, respectively
MMR and Bengaluru saw housing sales increase by 43% and 55% respectively in Q1 2022 against Q1 2021, with approx. 29,130 and 13,450 units sold, respectively
Chennai saw approx. 4,985 units sold – an increase of 75% over Q1 2021
Pune saw 14,020 units sold in Q1 2022, increasing by 33% over Q1 2021
Available Inventory
When compared to Q1 2021, the increase in overall absorption in the top 7 cities in Q1 2022 resulted in an overall reduction of 2% in the available inventory by Q1 2022-end – from approx. 6.42 lakh units in Q1 2021-end to approx. 6.28 lakh units by Q1 2022-end. Chennai, MMR, and NCR witnessed the highest reductions in available inventory in Q1 2022 when compared to Q1 2021 – by 11%, 10%, and 9% respectively.
Price Movement
Average residential property prices across the top 7 cities increased in the range of 2-5% in Q1 2022 when compared to Q1 2021, mainly due to increase in the prices of construction raw materials. Hyderabad recorded the highest 5% annual jump.

This article was shared with Prittle Prattle News as a Press Release.

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