Sales numbers in a quarter at all-time high since 2015; annually, top cities register over 71% Y-o-Y rise in sales against 58,290 units sold in Q1 2021

By Varun Singh

Quarterly housing sales in Q1 2022 are at an all-time high since 2015 with approx. 99,550 units sold across the top 7 cities, reveals latest ANAROCK Research data. This is a 71% yearly rise against approx. 58,290 units sold back in Q1 2021. The two leading realty hotspots – MMR and NCR – accounted for over 48% of the total sales in the top 7 cities, with NCR witnessing an over 114% yearly jump.

New launches across the top 7 cities witnessed a 43% yearly rise – from 62,130 units in Q1 2021 to over 89,150 units in Q1 2022. As in the previous quarter, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities. Individually, the two cities saw 59% and 71% yearly increases in their new supply, respectively.

Despite spiraling new launches in this and the previous quarter, unsold inventory in the top 7 cities saw a approx. 2% yearly decline – from 6.42 lakh units towards Q1 2021-end to approx. 6.28 lakh units by Q1 2022-end. Even on a q-o-q basis, unsold stock saw a 2% dip across the top 7 cities. Chennai, MMR, and NCR saw the highest yearly declines in Q1 2022 – by 11%, 10% and 9%, respectively.

“The bull run in the housing market continued in the first quarter of 2022, with approx. 10% q-o-q and 71% y-o-y growth in sales, thus recording all-time high quarterly sales since 2015,” says Anuj Puri, Chairman – ANAROCK Group. “The impact of the third Covid-19 wave was significantly lower than of the preceding two waves. The unrelenting appetite for homeownership amid the pandemic has coupled with a growing certainty of impending price rises to speed up housing sales velocity.”

New Launch Overview

The top 7 cities recorded new launches of around 89,150 units in Q1 2022 against 62,130 units in Q1 2021, increasing by 43% over the previous year’s corresponding period. The key cities contributing to new launches in Q1 2022 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for an 82% supply addition.

  • MMR saw approx. 23,640 units launched in Q1 2022 – a significant increase of nearly 60% over Q1 2021. More than 57% new supply was added in the sub-INR 80 lakh budget segment
  • Hyderabad added approx. 21,550 units in Q1 2022, a yearly increase of 71% over the corresponding period last year. Over 63% new supply was added in the INR 80 lakh to INR 2.5 Cr price bracket
  • Pune added new supply of approx. 14,490 units in Q1 2022 compared to 13,820 units in Q1 2021 – an increase of 5% 
  • Bengaluru added approx. 13,210 units in Q1 2022, a significant yearly increase of 72%. Approx. 65% new supply was added in the mid-range and premium segments, i.e., the INR 40 Lakh – INR 1.5 Cr. price bracket
  • NCR saw an increase of 38% in new launches over Q1 2021 of the previous year with approx. 9,300 units launched in Q1 2022
  • Chennai added approx. 3,060 units in Q1 2022, a yearly decrease of 34% over Q1 2021. It was the only city to see a decline in new supply 
  • Kolkata added approx. 3,900 units in Q1 2022, a significant increase of 115% over Q1 2021. Approx. 55% new supply was added in the affordable segment
City-wise New Supply (in Units) & Percentage Change 
 CitiesQ1 2022  Q1 2021  % Change (Q1 2021 vs Q1 2022)  Q4 2021  %Change (Q4 2021 vs Q1 2022) 
Total 89,15062,13043%73,77021%
New Launch Overview

Overall Sales Overview

Approx. 99,550 units were sold in Q1 2022 – a significant increase of 71% over Q1 2021. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 89% sales in the quarter.

  • Hyderabad recorded sales of 13,140 units in Q1 2022, a massive spike of 199% over Q1 2021 – mainly due to continuous flow of new supply in the city over the past 5-6 quarters
  • NCR and Kolkata also saw massively increased sales in Q1 2022 when compared to the other top cities. Sales in NCR and Kolkata increased by 114% and 124% respectively over Q1 2021, with approx. 18,835 and 5,990 units sold, respectively
  • MMR and Bengaluru saw housing sales increase by 43% and 55% respectively in Q1 2022 against Q1 2021, with approx. 29,130 and 13,450 units sold, respectively
  • Chennai saw approx. 4,985 units sold – an increase of 75% over Q1 2021
  • Pune saw 14,020 units sold in Q1 2022, increasing by 33% over Q1 2021
City-wise Absorption (In Units) & Percentage Change 
 Cities Name  Q1 2022  Q1 2021  % Change (Q1 2021 vs Q1 2022)  Q4 2021  %Change (Q4 2021 vs Q1 2022) 
Total 99,55058,29071%90,86010%
Overall Sales Overview

Available Inventory 

When compared to Q1 2021, the increase in overall absorption in the top 7 cities in Q1 2022 resulted in an overall reduction of 2% in the available inventory by Q1 2022-end – from approx. 6.42 lakh units in Q1 2021-end to approx. 6.28 lakh units by Q1 2022-end. Chennai, MMR, and NCR witnessed the highest reductions in available inventory in Q1 2022 when compared to Q1 2021 – by 11%, 10%, and 9% respectively.

Price Movement

Average residential property prices across the top 7 cities increased in the range of 2-5% in Q1 2022 when compared to Q1 2021, mainly due to increase in the prices of construction raw materials. Hyderabad recorded the highest 5% annual jump. 

Experts from Mumbai real estate speak on the high sales registered in the city in the month of March. Mumbai saw a total of 16,726 sales getting registered generating a revenue of Rs 1,160 Crore for the state.

Sandeep Runwal – President, NAREDCO Maharashtra
“Mumbai saw a huge surge in property registrations for the month of March which is very much similar to the robust sales last year which was due to the stamp duty reduction by the Maharashtra Government. Over 16000 housing units registered in this month indicates that consumers have grabbed the last opportunity to purchase properties as the prices are set to rise due to the factors like 1% metro cess, ready reckoner rates, increased stamp duty and hike in raw material prices. We are requesting the intervention of the Housing Ministry to curb the increased difficulties faced by realtors and buyers or it will be a big setback for the Government’s mission of ‘Housing for All’ as affordable housing will be a distant dream.”

Pritam Chivukula – Co-Founder & Director, Tridhaatu Realty and Treasurer, CREDAI MCHI
“The month of March 2022 has yet again witnessed record property registrations in Mumbai with the demand continuing to be robust. The strong sales was evidenced as the homebuyers rushed in to buy properties with a fear of price hike. But the industry isn’t out of the crisis situation yet after the pandemic as we will soon witness an upward revision in the prices due to the rising construction costs and higher stamp duty as a result of the metro cess and ready reckoner rates. We will continue to urge the Government to look into the rising prices in interest of the homebuyers.”

Mr. Ram Naik, Director, The Guardians Real Estate Advisory
“The financial year ended with great news for the Mumbai real estate market with many home buyers at the property registrar office that the registrar had to work overnight. This once again proves that Indian real estate has become a user market. The home buyers know exactly when to buy, where to buy and how to buy. This also symbolizes how much home buyers in Mumbai have become price savvy while buying a new home. How even a one percent saving in the stamp duty can reduce the decision-making period of a customer. This also signifies that there is a genuine demand for homes in MMR market and if the government had passed a deferment on the metro-cess and the construction cost had remained under control then we would have seen a bull run in this new financial year.”

Jitesh Lalwani – President, Homesync Real Estate Advisory
“Mumbai has witnessed an impressive ascent in property deals with close to 16000 units of sale registrations in the month of March 2022. Given the current scenario of steep rise in property prices from April onwards, owing to the increase in stamp duty, ready reckoner rates, raw materials prices and metro cess, we have seen homebuyers take the utmost advantage in the current month resulting in such a huge contribution to the state’s revenue.”

Also Read: Mumbai in March Generates Over ₹1k Crore from Stamp Duty

You May Also Like

In March 2021 Alone State Collected 9K Crore From Registration, In Entire 2020 It Was 11K Crore

Believe it or not, this has to be the highest monthly collection…

Landlords asked to defer 3 months rent by Maha govt

Landlords have been instructed to defer rent collection by 3 months. An…

Amnesty scheme will generate revenue for the govt: Thorat

Amnesty scheme will generate revenue for the government: Revenue Minister of Maharashtra…

New Guidelines For Homebuyer-Builder Conciliaton

MahaRERA came out with a set of guidelines for functioning of MahaRERA…