The real estate industry has always been an integral part of development algorithms. In recent years, not just the number of housing but their formal registration and architectural techniques have been crucial factors to consider. Interestingly, the latest experts show that the market has seen a jump of nearly 144% in the number of registrations and establishment of infrastructure.
As compared to September 2021, the number of properties newly built and registered under RERA was up to 9,022. Whereas, in September 2022, the counting was raised by 22,044 of such properties. Mumbai, the capital city of finance and infrastructure, has a huge benefit in sales. In fact, Mumbai Metropolitan Region, also known as MMR, had the greatest supply records in the housing business. Followed by this, cities like Pune, Hyderabad and Ahmedabad also became the runners-up in the race.
Liases Foras (a private research company on real estate) declares the figures mentioned above, i.e., MMR is the highest in sales and supply of housing services in the entire company. However, the data only shows a 1% growth in the pricing of infrastructure sales, purchases or even renting.
Of course, this does not mean the residential projects were developed only in Mumbai. Across India, there is a 41% rise in housing services and their supply, again higher than the previous year. Cumulatively 22% of the difference has been witnessed in the graph. Moreover, the launch of many new projects has potentially been a part of the great success potentially.
“The year 2022 saw highest ever sales, which crossed the 4-lakh figure across India. Besides, the year recorded the most launches, around 4.2 lakh new units. Due to this, the number of unsold inventories has increased.” Pankaj Kapoor, Managing Director of Liases Foras.
Other Researcher’s Opinions on the Boost in Real Estate Market India
As per the ANAROCK Group’s chairman Anuj Puri, “It can be manifested that the increase in property price and interest rates towards the 2nd of 2022 will have a cascading effect on the residential sales. Whereas, in Q4 2022, remained robust with as many as 92,160 units sold in the tenure,”
As per the ANAROCK Group’s chairman Anuj Puri, “Interestingly, NCR became the star in the picture for 2022, which deliberately constrained new housing supply in the year to reach approx 22,350 units but witnessed a boost in housing sales of 63,700 units.”
Puri has impressive analysis experience in this subject and expects the current sales momentum to show even better results in the coming year’s first quarter. As speculations may differ, he even includes the chances of exemption that various risks loom large around the residential segment. Another factor is a dependency on the home loan interest rates that may pan out by 2023.
Segregated Figures on Sales and Region’s Registration
- Residential sales in the top seven cities were over 3,64,900 units in 2022 compared to 2,36,500 units in 2021, an increase of 54% annually. 90% of the quarter’s sales were accounted for by the NCR, MMR, Bengaluru, Pune, and Hyderabad.
- Among the top seven cities, MMR had the greatest sales in 2022. In 2022, almost 1,09,800 units were sold in the city, representing a year-over-year growth of 44%.
- NCR sold about 63,800 units in 2022, a substantial rise of 59% from the previous year. Pune increased sales by 59% from 2021 to 2022, reaching roughly 57,200 units.
- In Bengaluru, around 49,500 units were sold in 2022, a growth of 50% annually. About 47,500 apartments were sold in Hyderabad, a remarkable annual increase of 87 per cent over 2021.
- Kolkata saw sales of almost 21,200 units in 2022, a 62 per cent annual rise from the year before. In Chennai, 16,100 units were sold, a yearly increase of 29% over 2021.
