RECORD BREAKING SALES! Housing sales in top 7 Indian cities to surpass 2014 record, hit new peak this year - check details

Housing Market: Based on the momentum of housing sales during the ongoing festive season and throughout the first three quarters of this year, 2022 will probably surpass the previous peak of 2014 with record-breaking sales in all top seven cities.

According to the most recent ANAROCK data, overall sales in the top 7 cities surpass 3.6 lakh units in 2022. Whereas, 3.43 lakh units were sold in the top 7 cities during the previous peak year of 2014.

With about 2.73 lakh units sold in the first nine months of 2022 and 2.65 lakh units for new launches, house sales and new launches in the period from January to September of 2022 outperformed full-year readings in 2019. Over 2.61 lakh units were sold in 2019 overall, while new supply stood at 2.34 lakh units.

In the first nine months of 2022, MMR and NCR have retained the top two spots. Together, these two areas sold about 1,30,450 units, or 48% of all the units sold in the top 7 cities. Pune, Bengaluru, and Hyderabad were other hotspots, accounting for 42% of the total sales.

Anuj Puri, Chairman, ANAROCK Group, says, "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."

Demand from both end-users and investors continue to focus on projects by large and listed developers.

These players constantly claim good sales and are increasing the market's influx of new supplies. The total number of new launches in 2022 will stay below the peak of 2014, when 5.45 lakh homes were introduced across the top 7 cities.

According to recent patterns, more than 3.4 lakh units will be launched in these locations during the entire year of 2022. Moreover, 2.65 lakh units were introduced in the top 7 cities in the first nine months of 2022, with Mumbai Metropolitan Region and Hyderabad registering the newest releases during this time and contributing 54% of the overall new supply.