Housing Sales keeps soaring across major tier 1 cities over the past 1.5 years with Delhi NCR Leading from the front. This is a major comeback with more houses being sold than any year in the last decade.
- Tier 1 cities have seen over 65% rise in sales against units sold in Q1 2021
- Delhi NCR Leads the charge with more than a 120% yearly jump
- Almost the double no of new launches has happened in 2022 compared to 2021.
- Hyderabad has made a major re-entry into being one of the hottest residential real estate markets seeing a 65% rise in property sales.
Apart from new inventory, there has been a decline of unsold inventory considering the past years.
Average property prices have seen a rise in 2-4% with Hyderabad seeing over 5% increase in property prices.
This change in market sentiments and the trust shown by investment houses and end customers has brought about a drastic u-turn in the residential sales market from the covid days bringing it to the biggest high in a decade.
More technologically and digitally savvy developers, well-structured and well-planned out projects have been met with a warm welcome by investors and end-users alike. This bull run is expected to continue over 2022 and 2023 as well.
National Sales Overview
Approx. lakh units were sold in 2022 in the first quarter – a significant increase of 60% over last years the same timeframe. Delhi NCR, Mumbai Metropolitan, Bangalore, Pune, and Hyderabad together accounted for 84% sales in the quarter.
- Hyderabad recorded sales of 12,000 plus units in Q1 2022, a massive spike of 200% over the same quarter last year– majorly owing to the new supply of inventory added over the past 2 years.
- NCR and Kolkata also saw massively increased sales in 2022 when compared to the other top cities. Sales in NCR and Kolkata increased by over 110% and 135% respectively over 2021 Q1.
- Mumbai and Bengaluru saw housing sales increase by 43% and 55% respectively in Q1 2022 against Q1 2021, with approx. 30,000and 14,000 units sold, respectively
- Pune saw 14,000 plus units sold in Q1 2022, a 30% increase from last years.
Price Increase:
Most top tier 1 cities saw average residential property prices increase in the range of 2-5% in 2022 when compared to 2021, largely owing to the increase in prices of construction raw materials. Chennai and Hyderabad recorded the highest increase of 5% compared to last year.
Available Inventory
Compared to last year the spike in sales has resulted in a 2% reduction in available inventory company to last year. Chennai, Mumbai and NCR saw the largest reductions in inventory compared to other cities by around 9-12%.
Overall, the housing industry is looking like it has made a complete turnover compared to the last few years and is expected to remain in good shape over this year as well.
Zennlivving.com is one of India’s largest real estate investment and marketing firm operating across the country that invests, partners and works with real estate developers, channel partners and property owners maximising profit yields for all its stakeholders.