Approximately 99,550 housing units were sold in Q1 2022, a significant increase of 71 percent over the first quarter of 2021. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 89 percent sales in the quarter, a report by Anarock said on April 1.
The two leading realty hotspots - MMR and NCR - accounted for over 48 percent of the total sales in the top seven cities, with NCR witnessing an over 114 percent yearly jump.New launches across the top 7 cities witnessed a 43 percent yearly rise – from 62,130 units in Q1 2021 to over 89,150 units in Q1 2022. As in the previous quarter, MMR and Hyderabad saw the maximum new supply, accounting for 51 percent of the total new launches across the top 7 cities. Individually, the two cities saw 59 percent and 71 percent yearly increases in their new supply, respectively.
The top 7 cities recorded new launches of around 89,150 units in Q1 2022 against 62,130 units in Q1 2021, increasing by 43 percent over the previous year's corresponding period. The key cities contributing to new launches in Q1 2022 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for an 82 percent supply addition.
MMR saw approximately 23,640 units launched in Q1 2022 – a significant increase of nearly 60 percent over Q1 2021. More than 57 percent new supply was added in the sub-Rs 80 lakh budget segment. Hyderabad added approximately 21,550 units in Q1 2022, a yearly increase of 71 percent over the corresponding period last year. Over 63 percent new supply was added in the Rs 80 lakh to Rs 2.5 crore price bracket, the report said.
Bengaluru added approximately 13,210 units in Q1 2022, a significant yearly increase of 72 percent. Approximately 65 percent new supply was added in the mid-range and premium segments, i.e., the Rs 40 lakh to Rs 1.5 crore price bracket. NCR saw an increase of 38 percent in new launches over Q1 2021 of the previous year with approximately 9,300 units launched in Q1 2022, it said.
Despite spiralling new launches in this and the previous quarter, unsold inventory in the top 7 cities saw a approximately 2 percent yearly decline – from 6.42 lakh units towards Q1 2021-end to approximately 6.28 lakh units by Q1 2022-end. Even on a q-o-q basis, unsold stock saw a 2 percent dip across the top 7 cities. Chennai, MMR, and NCR saw the highest yearly declines in Q1 2022 - by 11 percent, 10 percent and 9 percent, respectively, it said.
The average property prices in top 7 cities witnessed a 4 percent yearly rise, it said.
Average residential property prices across the top 7 cities increased in the range of 2-5 percent in Q1 2022 when compared to Q1 2021, mainly due to increase in the prices of construction raw materials. Hyderabad recorded the highest 5 percent annual jump, it said.
“The bull run in the housing market continued in the first quarter of 2022, with approximately 10 percent QoQ and 71 percent YoY growth in sales, thus recording all-time high quarterly sales since 2015," said Anuj Puri, Chairman - 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,” he said.
