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Quarterly housing sales in the March quarter (Q4) were at the highest level since 2015 with approximately 99,550 units sold across the top 7 cities, according to data from real estate consulting firm Anarock. This is a 71 per cent rise compared to the 58,290 units sold back in the year-ago period.
The two leading realty hotspots – Mumbai Metropolitan Region (MMR) and National Capital Region (NCR) – accounted for over 48 per cent of the total sales in the top 7 cities, with NCR witnessing an over 114 per cent jump y-o-y.
New launches across the top 7 cities witnessed a 43 per cent yearly rise – from 62,130 units in Q4 of FY21 to over 89,150 units in the quarter ended March. As in the previous quarter, MMR and Hyderabad saw the maximum new supply, accounting for 51 per cent of the total new launches across the top 7 cities. Individually, the two cities saw 59 per cent and 71 per cent y-o-y increases in their new supply, respectively.
Despite rapidly rising new launches in this and the previous quarter, unsold inventory in the top 7 cities saw an approx. 2 per cent decline – from 6.42 lakh units towards Q4 FY21-end to approx. 6.28 lakh units by Q4 FY22-end.
Even on a q-o-q basis, unsold stock saw a 2 per cent dip across the top 7 cities. Chennai, MMR, and NCR saw the highest yearly declines in Q4 of FY22 by 11 per cent, 10 per cent and 9 per cent, respectively.
“The bull run in the housing market continued in the first quarter of CY2022, with approx. 10 per cent q-o-q and 71 per cent YoY growth in sales, thus recording all-time high quarterly sales since 2015," says Anuj Puri, Chairman of 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.”
- Hyderabad recorded sales of 13,140 units in Q4 of FY22, a massive spike of 199 per cent y-o-y mainly due to continuous flow of new supply in the city over the past 5-6 quarters
- Sales in NCR and Kolkata increased by 114 per cent and 124 per cent, respectively, over Q4 of FY21, with approx. 18,835 and 5,990 units sold, respectively
- MMR and Bengaluru saw housing sales increase by 43 per cent and 55 per cent, respectively, in Q4, with approx. 29,130 and 13,450 units sold
- Chennai saw approx. 4,985 units sold in Q4, an increase of 75 per cent y-o-y. Pune saw 14,020 units sold March qtr, up 33% over Q4 of FY21
