Housing sales hit new high in ’22 despite price rise

India's residential property sales recorded an all-time high in 2022, breaching the previous high of 2014 on the back of strong demand for housing despite a hike in mortgage rates, according to a report by property consultant Anarock. Housing sales in 2022 were nearly 365,000 units across seven major cities. The prices of residential properties have risen in the range of 4-7%, which can be attributed to a rise in input costs and a post-Covid demand comeback, said the report. Releasing the demand-supply data of India's top residential primary (fresh sale) markets, Anarock said that the housing sales rose 54% during the year to 364,900 units as against 236,500 units in 2021 across the seven cities – Delhi National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune. The previous peak was seen in 2014, when 343,000 units were sold across the top seven cities. The MMR market clocked the highest sales of 109,700 units in 2022, followed by NCR at 63,700 units. According to the data, the housing sales in Delhi NCR rose 59% to 63,712 units in 2022, from 40,053 units in the previous year. The MMR market saw a 44% increase in sales to 109,733 units this year, from 76,396 units in the 2021 calendar year, while Pune witnessed a 59% rise to 57,146 units from 35,975 units. See also: Boost in real estate market, highest no. of units registeredPiramal Realty to pump Rs 35 bn into ongoing MMR projects