Housing Sales in India to Grow Exponentially in 2022: Anarock

Going by the momentum in housing sales this festive season and that of the first three quarters of 2022, it is very likely the total numbers across the top 7 cities will breach the previous peak of 2014.

Real estate services provider Anarock projects total sales in the top 7 cities to exceed 3.6 lakh units in 2022.

In the previous peak year of 2014, the top 7 cities saw 3.43 lakh units sold.

The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 by approximately 2.73 lakh units sold and new launches at 2.65 lakh units. Notably, 2019 saw over 2.61 lakh units sold in the entire year, while new supply stood at 2.34 lakh units, Anarock said in a statement on Wednesday.

Mumbai and Delhi NCR have retained their top rankings in the first nine months of 2022. Approximately 130,450 units were collectively sold in these two regions, accounting for 48 per cent of the total sales.

"Other high-selling cities were Pune, Bengaluru, and Hyderabad, which accounted for a 42 per cent cumulative sales share," the firm said.

It said housing sales remained strong despite average property prices increasing in 2022, with an annual price appreciation of 6 per cent in Q3 2022.

"2022 will create residential market history in India, having already breached all previous highs and continuing to witness strong sales momentum in the ongoing festive season. Homeownership sentiment retained the vibrancy ushered in by the Covid-19 era - despite interest rates hikes of 190 bps, increased property rates, and the conspicuous lack of festive season offers and discounts this year," said Anuj Puri, Chairman of Anarock Group.