Q1FY23 witnessed the highest ever quarterly launches of 95,550 units in Tier 1 cities in India. MMR alone contributed 32,800 units, followed by Hyderabad (17,130), Pune (14,615), and Ahmedabad (12,669).
By Varun Singh
Q1FY23 (June 22) witnessed the highest ever quarterly launches of 95,550 units in Tier 1 cities in India. MMR alone contributed 32,800 units, followed by Hyderabad (17,130), Pune (14,615), and Ahmedabad (12,669).
According to Liases Foras a real estate research firm, Sales grew 2% in the June quarter (Q1 FY 22-23). 77,015 units were sold during the quarter in Tier 1 cities. MMR clocked the maximum sales of 18,847 units, followed by Pune, 15,615 units, and Bengaluru, 10,505 units, respectively. Unsold increased 2% on QoQ basis, and the current unsold across the top 8 cities stands at 924,408 units. It decreased ~5% in
Bangalore, Chennai, NCR, and Pune on QoQ.
Unsold in MMR reached 320,711 units, an increase of 10% on a QoQ basis. The average month’s inventory of all projects in Tier 1 cities stands at 36 months, the best since 2014.
With 19 months of inventory, Bengaluru reaches to an efficient level of months inventory of below 20 months.
Completed projects have the least months inventory of 12 months in Tier 1 cities, while the under-construction projects have 45 months of inventory. The average price in tier I cities increased 3% on QoQ and 6% on a YoY basis. 58% of projects showed price appreciation of 0 to 5%, and 22% of projects showed more than 5% appreciation. 20% of the projects had seen a price decline up to 10% on a YoY basis. H1 2022 is now the best performing half year in sales numbers since 2009.
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