2022 has been a phenomenal year for residential real estate. Industry research attests that despite the headwinds of rising property prices, interest rate hikes, and geopolitical tensions, housing sales in the top seven cities of India crossed their previous highs of 2014.
Market research studies state that approximately 3 64,900 residential units were sold in the top seven cities in 2022. This is against the 2, 36,500 units sold in 2021. With these figures, the sector recorded a 54% year-on-year increase. Interestingly, the last time such peak figures were recorded was in 2014, when 3.43 lakh units were sold.
Mumbai Metropolitan Region witnessed the highest sales of about 1, 09,700 units in the seven cities studied in 2022. The financial capital was followed by NCR, with approximately 63,700 units. Hyderabad, on the other hand, saw the sale of 47,487 residential units.
In terms of new launches, the top cities saw a 51% annual rise. The numbers rose from 2, 36,700 units in 2021 to nearly 3, 57,600 new units in 2022. Hyderabad saw the second-highest launch figures, with 68,000 units launched in 2022 compared to 51,500 units in 2021. The city of pearls was only second to Mumbai Metropolitan Region, which recorded 1, 24,650 new launches in 2022. Both the cities together accounted for 54% share of all the residential launches in the year.
Market experts anticipate the current sales momentum in the housing sector to continue in the first quarter of 2023. Experts mention that the appetite for homeownership has remained undeterred, and maximum sales are being driven by the end users. However, a lot of stakes will also depend on how the home loan interest rates pan out over the next year.
Industry experts also believe that ready-to-move-in units will continue to top the buyer demand. The demand for new launches will also gain momentum in the year ahead. The large and listed developers will continue to dominate the market. Buyers have a certain level of faith and confidence when it comes to top builders and developers; hence, they will continue to perform well and see significant sales in 2023.
Despite the affordability level of buying housing properties witnessing a decline last year across seven major cities due to the rise in mortgage and property rates, Hyderabad remains one of the most affordable residential markets. A stable employment market in the city, longer loan tenures, and supportive government policies have been instrumental.
2022 was a phenomenal year for the real estate sector in Hyderabad and other cities of the country, particularly for the residential segment. There was robust housing demand, mainly from end-users, in not just the top cities but also across tier 2 and tier 3 cities.
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