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