The total sales of residential property jumped 24% in the third quarter (July-Sep period) of the current calendar year in the top cities of the country as compared to the same period of 2021. The total sales stood at 1,08, 817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021.
The sales in the third quarter of 2022 increased by 1% as compared to the immediately preceding quarter (Apr-June period) of the ongoing calendar year when 1,07,358 units were sold, according to a report by leading real estate consultancy PropEquity. The absorption has been much higher than new launches in the third consecutive quarter and builds it up on this. Absorption is higher by 25 % than new launches.
The new launches of residential property jumped 11 % in the third quarter of the ongoing calendar year in the top cities of the country as compared to the corresponding period of 2021. The new launches stood at 83,241 units in the third quarter of 2022 as against 75,061 units in the same quarter of 2021. The sales in the third quarter of 2022, however, fell by 15% as compared to the immediately preceding quarter of the current calendar year when 97,745 units were launched, according to the report.
“The residential property market in the third quarter of 2022 has seen decent performance in the top cities in the country, both from the point of view of sales as well as new launches. There is a good appetite among the citizens of these cities for buying quality houses and thus there is significant buoyancy in the real estate market. Ever since we have come out of the shadows pandemic and the lockdown, there has been hectic activity in the real estate market which is good news for the developers. Buoyancy is building from one quarter to another in the current year,” said Mr Samir Jasuja, Founder and Managing Director at PropEquity.
