According to Projections, Indian Home Sales in 2022 in The Seven Largest Cities May Set a New Record

In some extremely pleasant news for the real estate industry in India, in 2022, housing sales in the top seven cities will surpass the previous record of 3.43 lakh units in 2014. Continue reading for further insights.

Based on the momentum of house sales in the first three quarters of this year, it is anticipated that 2022 will surpass the previous peak of 2014 with all-time high sales in the seven largest metropolitan areas.

According to the most recent figures from Anarock Group, overall sales in the top seven cities would surpass 3.6 lakh units in 2022.In 2014, the previous high year, 3.43 million units were sold in the top seven cities.

With nearly 2.73 lakh units sold in the first nine months of 2022 and 2.65 lakh units launched, the January-September period of 2022 saw housing sales and new launches exceed the full-year figures of 2019.

Over 2.61 million units were sold in 2019, while fresh supply amounted to 2.34 million units.

In the first nine months of 2022, MMR and NCR have maintained their top positions.Together, about 1,30,450 units were sold in these two areas, which accounted for 48 percent of all units sold in the top seven cities.Other high-selling cities were Pune, Bengaluru, and Hyderabad, which accounted for 42% of total sales.

Despite typical property prices growing in 2022, housing sales remained robust, with the annual price appreciation in Q3 2022 being the highest in the prior seven years, at six percent compared to Q3 2021.

Anuj Puri, chairman of the Anarock Group, predicts that the residential market in India will make history in 2022, having already surpassed all prior highs and continuing to see strong sales momentum.

Despite a cumulative interest rate rise of 190 basis points, rising property prices, and the apparent absence of holiday promotions and discounts this year, homeownership attitude remained as buoyant as it was during the Covid-19 period.

End-user and investor demand continues to concentrate on the initiatives of major and publicly traded firms.These competitors claim continuously strong sales and are increasing their market supply infusions.In 2022, there would be fewer new house debuts than in 2014, when around 5.45 lakh units were introduced in the seven largest cities.

Current trends imply that new launches in these cities will surpass 3,400,000 units in 2022.In the first nine months of 2022, 2.65 lakh units were introduced in the top seven cities, with MMR and Hyderabad seeing the highest number of new launches and accounting for 54 percent of the total new supply.