Housing sales sets high record with 70,623 sales in Q1 2022
Real Estate

Housing sales sets high record with 70,623 sales in Q1 2022

In the January-March quarter, housing sales and launches set a new high record with the sale of 70,623 units, the most in a quarter since the Covid-19 pandemic.

According to the media reports, in the first quarter of 2022 (Q12022), 70,623 units were sold compared to the sale of 66,176 units in Q12021, recording 7% year-on-year (YoY) growth. The growth rate continued for the last few quarters.

The second wave of Covid sales was at 15,968 in the April-June quarter of 2021, although they've been steadily increasing since then.

In terms of new supply, the improvement was even higher, with a 50% increase in new releases YoY during the same time. In Q1 2022, 79,532 units were released, compared to 53,037 units in Q1 2021.

Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), Delhi-National Capital Region, and Pune are among the markets included in the quarterly report.

Mumbai and Pune had the largest proportion of house sales in a quarter when demand for housing units priced between Rs 45 and Rs 75 lakh was at an all-time high, accounting for 56% of total sales.

During the quarter that ended in March, under-construction sales accounted for about 79% of total sales, mainly due to the pricing advantage this sector has over ready-to-move-in homes.

Mumbai and Pune accounted for about 60% of all sales, while Delhi-NCR, Hyderabad, and Chennai saw a year-on-year decrease in sales.

In terms of new supply, the MMR market performed the heavy lifting in the quarter ending March 31, with a 246% rise YoY.

This market's excellent performance was mainly responsible for the housing market's overall good performance on this criterion, while four of the eight markets studied saw a reduction in new launches.

Ahmedabad, Chennai, Delhi-NCR, and Kolkata were among the cities where new launches fell in the March quarter.

During the quarter, housing price growth increased, with average new property rates rising in every area studied. The majority of the increase in rates may be linked to the increasing building material prices.

The largest increase in property prices was seen in Chennai, where the average rate of houses has increased by 9% in the last year.

In terms of price increases, Pune and Ahmedabad closely followed the southern market, with both regions seeing an 8% increase in average property rates.

Image Source

Also read: Mumbai's property registrations witnesses robust momentum in Feb

In the January-March quarter, housing sales and launches set a new high record with the sale of 70,623 units, the most in a quarter since the Covid-19 pandemic. According to the media reports, in the first quarter of 2022 (Q12022), 70,623 units were sold compared to the sale of 66,176 units in Q12021, recording 7% year-on-year (YoY) growth. The growth rate continued for the last few quarters. The second wave of Covid sales was at 15,968 in the April-June quarter of 2021, although they've been steadily increasing since then. In terms of new supply, the improvement was even higher, with a 50% increase in new releases YoY during the same time. In Q1 2022, 79,532 units were released, compared to 53,037 units in Q1 2021. Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), Delhi-National Capital Region, and Pune are among the markets included in the quarterly report. Mumbai and Pune had the largest proportion of house sales in a quarter when demand for housing units priced between Rs 45 and Rs 75 lakh was at an all-time high, accounting for 56% of total sales. During the quarter that ended in March, under-construction sales accounted for about 79% of total sales, mainly due to the pricing advantage this sector has over ready-to-move-in homes. Mumbai and Pune accounted for about 60% of all sales, while Delhi-NCR, Hyderabad, and Chennai saw a year-on-year decrease in sales. In terms of new supply, the MMR market performed the heavy lifting in the quarter ending March 31, with a 246% rise YoY. This market's excellent performance was mainly responsible for the housing market's overall good performance on this criterion, while four of the eight markets studied saw a reduction in new launches. Ahmedabad, Chennai, Delhi-NCR, and Kolkata were among the cities where new launches fell in the March quarter. During the quarter, housing price growth increased, with average new property rates rising in every area studied. The majority of the increase in rates may be linked to the increasing building material prices. The largest increase in property prices was seen in Chennai, where the average rate of houses has increased by 9% in the last year. In terms of price increases, Pune and Ahmedabad closely followed the southern market, with both regions seeing an 8% increase in average property rates. Image Source Also read: Mumbai's property registrations witnesses robust momentum in Feb

Next Story
Real Estate

Mahindra Lifespaces Bags Rs 12.5 billion Redevelopment in Mulund

Mahindra Lifespace Developers (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has been appointed as the preferred developer for the redevelopment of a premium housing society in Mulund (West), Mumbai. The project will be developed across a 3.08-acre land parcel, with an estimated development value of approximately Rs 12.5 billion. Strategically located, the site enjoys proximity to major connectivity points—just 1.4 km from the upcoming Mumbai Metro Line 5 and 0.8 km from the Goregaon-Mulund Link Road. It also offers seamless access to the Eastern Expre..

Next Story
Infrastructure Urban

Snowman Adds Warehouses in Kolkata and Krishnapatnam

Snowman Logistics, India’s leading integrated temperature-controlled logistics company, has announced the commencement of operations at its two new state-of-the-art, owned cold storage facilities in Kolkata and Krishnapatnam. With these additions, the company’s total pallet capacity has reached 1,50,754, spanning 43 warehouses in 20 cities across the country. The newly operational Kolkata facility offers a storage capacity of 5,630 pallets, while the Krishnapatnam facility holds 3,927 pallets. These warehouses are equipped with advanced automation and infrastructure designed to enhanc..

Next Story
Resources

Noesis Enables IHCL Hotel Deal in Udupi–Manipal Corridor

NOESIS Capital Advisors, India’s leading hotel investment advisory firm, has successfully facilitated a landmark hospitality transaction in the Udupi–Manipal region of Karnataka. The deal involves the acquisition of a nearly completed, 130-key upscale hotel that will operate under one of the premium brands of IHCL, reinforcing NOESIS’ position as a preferred partner for strategic hospitality transactions across India. Strategically located on the Udupi–Manipal Highway, the 1.03-acre property will cater to business travellers, pilgrims and families visiting Manipal University. With..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?