In terms of the quantity of properties registered, the real estate market in Mumbai experienced its highest-ever sale in 2022. Pune, Hyderabad, Ahmedabad, and Mumbai Metropolitan Region (MMR) saw the greatest ever supply of new homes in 2022, according to statistics from Liases Foras, an independent real estate research firm.
The information showed that there were 9,022 new homes available in MMR in September 2021. The number increased by 144% to 22,044 in September of this year. The research revealed that the average price growth in MMR was only 1%.
Launch of new residential developments also experienced a notable surge throughout India. According to the data, it was 41% greater than 2018 and 22% higher than 2019. According to Pankaj Kapoor, managing director of Liases Foras, "2022 witnessed the biggest sales ever, crossing the 4- lakh mark across India. Additionally, the year had the most launches ever, with 0.00042 billion brand-new units being introduced. As a result, there are now more unsold inventory.
Prior to the Covid-19 outbreak, it would typically take 53 months to sell every unsold unit. "Now, this number is 38–39 months... Only 7% of the inventory has been cut. In 2018, there were over 0.00135 billion unsold inventories, which was the greatest amount ever. According to Kapoor, there are currently 0.00125 billion units in various phases of building. He added that it will take at least three years to sell these units.
According to Liases Foras' forecast for the 2023 real estate market, the price increase would be gradual. According to the report, 2023 will be a buyer's market because there will be a lot of properties for sale and little room for profit for builders. According to the estimate, sales would not decline in the upcoming year.
