- According to the report, total sales were 1,08,2817 units in the third quarter of 2022, up from 87,747 units in the same quarter of 2021.
- New home launches rose 11% in the third quarter of 2022.
- Thane, Pune and Bengaluru were the top three cities in terms of revenue in the third quarter.
Despite biting inflation and higher interest rates, the real estate market has shown a gradual recovery from Covid-19 lockdowns this year. According to a new report from property consultancy PropEquity, sales of homes in India’s major cities increased by 24% in the July-September quarter of this year compared to last year.
According to the report, total sales were 1,08,817 units in the third quarter of 2022, compared to 87,747 units in the same quarter of 2021. The top cities or Tier 1 cities included in this report are Bengaluru, Chennai, Hyderabad, Kolkata, Thane, Mumbai, Navi Mumbai, Pune and Delhi-NCR.
“The citizens of these cities have a good need to buy quality houses and therefore there is considerable dynamism in the real estate market. Since we came out of the shadows of the pandemic and the lockdown, there has been hectic activity in the real estate market, which is good news for developers,” said Samir Jasuja, founder and director of PropEquity.
Sales in the third quarter of 2022 increased by 1% compared to the April-June period of the current calendar year, when 1,07,358 units were sold.
“The housing market has performed quite well in the country’s top cities in the third quarter of 2022, both from a sales point of view and new launches,” added Jasuja.
New home launches of 83,241 units in the July-September quarter were up 11% year-over-year. However, third quarter sales declined 15% sequentially from 97,745 units in the previous quarter.
Thane, Pune, Bengaluru see highest turnover
According to the report, Thane, Pune and Bengaluru were the top three cities in terms of sales in the third quarter.
|City||Increase in sales (on an annual basis)||Number of homes sold in Q3|
Source: PropEquity Report
Thane saw the most sales in the third quarter, but saw a 4% drop from the immediately preceding quarter. Bengaluru posted the highest year-over-year revenue growth at 41%, up 5% from the immediately preceding quarter. Pune witnessed a 9% increase in sales.
Total unsold inventory in the top cities at the end of the third quarter of 2022 was 4,77,570 – down 12% from 5,40,849 units a year ago. Delhi-NCR, Bengaluru and Pune saw the biggest drop in unsold stock.
Delhi-NCR, Kolkata and Chennai also saw the maximum increase in the weighted average house price over the period, according to the report. The Delhi-NCR region saw a 30% year-on-year increase at an average price of 9,996 per square meter.
The average price of houses in Kolkata was 5,954 per square meter – a 21% increase from the corresponding period last year. At an average price of Rs 6,956 per square foot, Chennai recorded a jump of about 16%.
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