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Mumbai surpasses real estate sales and new launches in September quarter

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  • Mumbai Metropolitan Region posted the highest sales of 26,400 units, followed by NCR at t14,970 units.
  • Bombay, Hyderabad, Pune and Bengaluru were responsible for the highest additions to new properties.
  • Based on the price range, the survey estimated that 36% of the total new offerings were in the mid-range (₹40-80 lakh).

Property sales in India’s top seven markets posted quarterly growth of 4% in the September quarter, boosted by an improvement in the sense of home ownership following the pandemic, real estate services firm said. Anarock. On an annual basis, this growth increased by 41%.

Overall, 88,230 units were sold in the quarter, up from 84,930 units in the previous quarter and 62,800 units in the third quarter of 2021.

“The appetite for home ownership has remained undaunted, with maximum sales being driven by end users. There has been an increase in new offerings from the leading and listed developers, who also reported robust home sales. This trend is likely to continue into the festive season as well, as the sense of home ownership has skyrocketed after the pandemic.” Anuj PuricChair, Anarock Groupsaid.

Mumbai Metropolitan Area (MMR) sold the most units — at 26,400 — in the top seven cities, growing 26% year-over-year.

While Delhi sold fewer units for 14,970 compared to MMR, sales increased by 46% per annum in percentage terms.

Pune registered quarterly revenue growth of 3% and year-over-year growth was 45%.

NCR, MMR, Bengaluru, Pune and Hyderabad together accounted for 90% of revenue for the quarter. Sales in Chennai and Kolkata accounted for 10% of total sales.

Home prices in these seven largest cities registered a quarterly increase of 1-2% in the third quarter of 2022. Year-over-year prices have increased by 4-7%, mainly due to a rise in input costs and demand comeback after Covid, Anarock said.

Mumbai, Hyderabad top new unit additions

MMR is also at the top when it comes to new properties. The region added 36,000 new units in the quarter, overtaking Hyderabad – the second-largest city in new additions – by a large margin. Hyderabad added 15,530 units during the quarter, while in NCR it was much lower at 6,400 units.

MMR, Hyderabad, Pune and Bengaluru together accounted for 86% of the total new construction, says Anarock.

A staggering 93,500 new units were launched in the seven largest cities, up from 82,100 units in the previous quarter – a growth of 14%.

On an annual basis, there was a 45% jump in new real estate launched. In the third quarter of 2021, 64,560 units were launched in the top seven cities across the country.

Analysis based on price segments, the survey estimated that 36% of total new offerings were in the mid-range (₹40-80 lakh), 28% in the premium segment (₹80 lakh-₹1.5 cr); 18% each in the luxury and affordable segment.

However, the effect of rising interest rates on home loans is not yet clear.

“However, if inflation remains at high levels, forcing the RBI to aggressively raise interest rates, there could be some turbulence in the market,” Puri said.

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