Year 2022 saw record high housing sales and new launches across the top 7 cities. Latest ANAROCK data reveals that unit completions have also remained on top between 2017 till 2022. Approx. 4.02 lakh homes were completed in 2022 in these cities – 44% higher than in 2021, when approx. 2.79 lakh homes were completed.

Of the total completed homes in 2022, the highest were in MMR – approx. 1,26,720 units, almost 80% more than in 2021 (when approx. 70,500 units were completed).

• In NCR, approx. the same number of units got completed in 2022 (86,300 units) as in 2021 (86,590 units)
• Pune saw approx. 84,200 units completed in 2022, against 46,080 units in 2021
• Bengaluru, Hyderabad, and Chennai collectively saw approx. 81,580 units completed in 2022, against 63,870 units in 2021
• Kolkata saw approx. 23,190 units completed in 2022, against 11,620 units in 2021.

Anuj Puri, Chairman – ANAROCK Group, says, “2022 was a watershed year for the Indian housing sector, with sales breaching the previous peak levels of 2014. In response to this high demand, developers remained focused on completing their previously launched projects. 2022 saw the highest rate of completions (4.02 lakh units) between 2017 and 2022 across the top 7 cities.”

“Over 5.44 lakh units are scheduled to be completed across the top 7 cities in 2023,” says Puri. “Construction activity was, and will hopefully remain, least impacted even if the pandemic resurfaces, so most completions in 2023 may be as per schedule. Certainly, developers are committed to completing previously launched projects before launching new ones.”

Expected Completions in 2023

Ready-to-move-in homes remain squarely on the bestseller list. After a phenomenal completion rate in 2022, 2023 is poised to be another rocking year as long as construction proceeds as per timeliness and no major headwinds obstruct it. If construction proceeds unhampered and as per schedule, NCR is likely to see the maximum completions in the year.

• Delhi-NCR is slated for maximum completions in 2023 with approx. 1,66,850 units scheduled to be completed during the year
• In MMR, approx. 1,32,900 units are expected to be ready by year-end
• Pune has approx. 94,280 units scheduled to be completed in 2023
• In Bengaluru, approx. 73,470 units are expected to see completion in the year
• Hyderabad has approx. 25,120 units scheduled for completion in 2023
• In Kolkata, approx. 33,040 units are lined up to be completed during the year
• Chennai has the lowest stock with approx. 18,550 units scheduled to be completed in 2023.

Also Read: In the last month of 2022, Mumbai sold these many homes

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Q3 2022 Residential Market Overview – Mumbai-MMR

Sales Trend

Highest home sales recorded in MMR amongst the top 7 cities in Q3 2022. With over 26,400 residential sales recorded between July and September, the city had a minimal rise of 2% in sales volume from the prior quarter while seeing a 26% increase on an annual basis. About 72% of the residential sales in the city were in the Mumbai region, with Navi Mumbai coming in second with 16% of sales and Thane coming in third with 12%.

Looking specifically at the Mumbai market sales, Peripheral Central Suburbs sold 39% of the homes, followed by Mumbai Western Suburbs with sales of nearly 21% of the units. The lowest number of homes were sold in South Central Mumbai in Q3 2022, accounting for 7% of all sales in the Mumbai region.

Launches

MMR registers the highest number of new launches amongst the top 7 cities. Accounting for 39% share comprising 36,000 unit launches, MMR led among the top 7 cities in terms of total new supply in Q3 2022. New launches of MMR rose by 21% against Q2 2022 and by 118% against same quarter previous year. Amongst the three sub-markets of MMR – Mumbai, Thane and Navi Mumbai –  the Mumbai residential market contributed nearly 79% of new supply, followed by 15% in Thane and the rest in Navi Mumbai.

Mumbai Western Suburbs and Peripheral Western Suburbs saw the highest new supply within the Mumbai region, each contributing 3634 and 26% share individually. Around 72% of the city’s new supply is in the affordable, mid end and high end segments, individually contributing 22%, 29% and 21% of launches in the current quarter.

In ultra-luxury segment, majorly higher ticket size new launches witnessed, approx. 2000 new units have been witnessed in >4 Cr price range and rest 1600 units launched in 2.5 Cr to 4 Cr segment.

Available Inventory

MMR’s available inventory remains stable on Y o Y basis. As of Q3 2022, MMR has around 1.91 Lakh units available for sale. The city has the biggest share, contributing nearly 30% to the

overall available inventory across the top 7 cities in India. The city’s available inventory increased by 5% over the previous quarter while being unchanged on a Y o Y basis.

The Mumbai region accounts for majority of the available inventory approx. 74%, while Thane and Navi Mumbai each account for 14% and 13%. An aggregate 81% of the Mumbai’s available inventory is concentrated in Peripheral Central Suburbs (34%), Mumbai Central Suburbs (25%) and Mumbai Western Suburbs (23%).

Affordable, mid-end and high-end ticket sized units made for approximately 75% of the city’s available inventory, with individual shares of 26%, 24% and 25% respectively. MMR inventory overhang stays unchanged from the previous quarter, at 21 months as of Q3 2022.

Also Read: Q1: 22-23 Of 95K units in Tier 1 cities, MMR alone contributed 32K units

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Between April and September 2022, approx. 1,73,155 homes were sold across the top 7 cities; approx. 87,375 units were sold in the same period a year ago.

Anuj Puri, Chairman – ANAROCK Group, says, “In value terms, MMR topped the list with housing sales worth INR 74,835 Cr in H1 FY23, followed by NCR with sales of INR 24,374 Cr. While MMR saw a yearly gain of 110% in overall housing sales value (it was INR 35,610 Cr in H1 FY22), NCR saw a whopping 174% jump.”

“In H1 FY22, NCR saw total housing sales worth INR 8,896 Cr,” says Puri. “Approx. 52,185 homes were sold in MMR in the April-September period in the ongoing fiscal, while NCR witnessed sales of approx. 30,300 units in the same period. MMR dominated housing sales both in volume and value terms, followed by NCR and Pune.”

Interestingly, Hyderabad saw a 130% jump in overall housing sales values in this period – from INR 6,926 Cr in H1 FY22 to INR 15,958 Cr in H1 FY23. Approx. 22,840 homes were sold in Hyderabad in the first half of FY23. 

In Bengaluru, homes cumulatively worth INR 17,651 Cr were sold in H1 FY23, against INR 8,218 Cr in the two quarters of FY22 – an annual increase of 115%. Pune sold approx. 26,580 homes worth INR 13,532 Cr in H1 FY23.

Kolkata and Chennai saw homes worth INR 4,774 Cr and INR 4,709 Cr sold respectively in first two quarters of the ongoing fiscal, rising by 115% and 57% annually.

“The data vouchsafes that the first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allying fears that housing sales could be impacted by rising property prices and interest rates,” says Puri. “The numbers show that Diwali came early for developers, with homes worth INR 1.56 lakh Crore sold across the top 7 cities in H1 FY23.”

Also Read: Fastest 1 lac property sale registrations recorded in Mumbai this year

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By Varun Singh

Defying odds like the inauspicious ‘shraadh’ period, excessive monsoons, and rising property prices and interest rates, housing sales momentum continued unthwarted in the third quarter of 2022. Latest ANAROCK data reveals that as many as 88,230 units were sold across the top 7 cities in Q3 2022 – a 4% quarterly increase and 41% annual rise.

Q2 2022 had seen approx. 84,930 units sold across the top 7 cities; in the corresponding period of 2021, approx. 62,800 units were sold. MMR witnessed the highest sales of approx. 26,400 units among the top 7 cities, followed by NCR with approx. 14,970 units.

Approx. 93,490 units were launched in Q3 2022, against 82,150 units in Q2 2022, thus increasing by 14%. In Q3 2021, approx. 64,560 units were launched, so the annual increase is a whopping 45%.

MMR and Hyderabad witnessed the highest new launches in Q3 2022, with approx. 36,000 units and 15,530 units, respectively. Interestingly, despite buoyant sales, NCR considerably restricted its new supply in comparison to other cities including MMR, Bengaluru, Pune, and Hyderabad.

In terms of budget segments, 36% of the total new supply was launched in the mid-segment (INR 40– 80 lakh), 28% in the premium segment (INR 80 lakh – INR 1.5 Cr) while 18% each in the luxury (price range) segment and affordable (price range) segments.

Amid increased new supply, existing housing inventory saw a 1% quarterly rise in Q3 2022. However, on annual basis, inventory declined by 4% in Q3 2022 across the top 7 cities. As on Q3 2022-end, the available inventory stands at over 6.30 lakh units.

Anuj Puri, Chairman – ANAROCK Group, says, “The momentum of both housing sales and new launches stayed strong in the top 7 cities in Q3 2022 despite major headwinds. The appetite for homeownership has remained undeterred, with maximum sales being driven by the end-users. Interestingly, there has been increased new supply by the leading and listed developers, who also reported robust housing sales. “This trend will very likely continue in the upcoming festive quarter as well since homeownership sentiment has increased hugely post the pandemic. To maintain the sales momentum during the ongoing festive season, developers have rolled out lucrative launch offers which are being received well in the market,” says Puri.

“However, if inflation remains at elevated levels forcing RBI to aggressively increase interest rates, there might be some turbulence in the market,” says Puri. “ANAROCK’s most recent Consumer Sentiment Survey finds that high inflation has majorly impacted the disposable incomes of at least 61% of respondents. The survey also found that housing sales may be impacted to some extent if home loan interest rates breach the 9.5% mark.”

New Supply Overview

The top 7 cities witnessed new unit launches of approx. 93,500 units in Q3 2022, against 82,100 units in Q2 2022 – an increase of 14% over the previous quarter. On a yearly basis, there was 45% jump. In Q3 2021, approx. 64,560 units were launched in the top 7 cities.

The key cities contributing to new supply in Q3 2022 were MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, which together accounted for 86% of the total addition.

• MMR saw approx. 36,000 units launched in Q3 2022 – an increase of approx. 21% over Q2 2022 and a massive 118% annual rise. Over 68% of the new supply in Q3 2022 was added in the INR 40 lakh to INR 2.5 Cr budget segment
• Hyderabad added approx. 15,530 new units in Q3 2022 compared to 15,780 units in Q2 2022 – a marginal decline of 2%. On a yearly basis, there was 6% increase in new launches
• Pune added approx. 14,730 units in Q3 2022, a decrease of 11% over the previous quarter but a 43% rise annually. Over 78% of the new supply was added in the mid and upper mid-segment i.e., INR 40 lakh – INR 1.5 Cr
• Bengaluru added approx. 13,915 new units in Q3 2022, a quarterly increase of 11% and 81% annually. Approx. 74% of the new supply was added in the mid and upper mid-segment i.e., INR 40 lakh – INR 1.5 Cr
• NCR saw an increase of 57% in new launches in Q3 2022 with approx. 6,400 units launched, a 24% decline compared to Q3 2021
• Chennai added approx. 2,400 units in Q3 2022, a quarterly increase of 62% over the previous quarter and a 19% annual decline
• Kolkata added approx. 4,510 units in Q3 2022, a significant increase of 124% over Q2 2022 and 13% annually. Approx. 78% of the new supply was added in sub-INR 80 Lakh budget segment.

Housing Sales Overview

Approx. 88,230 units were sold in Q3 2022 – a marginal increase of 4% over Q2 2022 but a 41% jump annually.  NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% of the sales in the quarter.

• MMR recorded the highest sales among the top 7 cities in Q3 2022, with approx. 26,400 units sold – a marginal quarterly increase of 2%, but a 26% yearly rise
• NCR recorded approx. 14,970 units sold in Q3 2022, a marginal decrease of 2% over the last quarter, but rising by 46% annually
• Pune recorded approx. 14,080 units sold in Q3 2022, an increase of 13% over Q2 2022 and a 45% annual increase over Q3 2021
• Bengaluru saw approx. 12,690 units sold in Q3 2022, a quarterly increase of 10%, and a 48% rise annually
• Hyderabad recorded approx. 11,650 units sold in Q3 2022, a marginal increase of 4% over Q2 2022 but a 73% increase over Q3 2021
• Kolkata saw approx. 4,950 units sold in Q3 2022, a nominal increase of 3% over the previous quarter but a 54% increase over the corresponding quarter in 2021
• Chennai saw approx. 3,500 units sold in Q3 2022, a decrease of 8% over Q2 2022 and a marginal annual increase of 3%

Source: ANAROCK Research

Available Inventory

Available inventory increased by 1% in Q3 2022 over Q2 2022 due to robust new supply in the current quarter. However, on an annual basis, available inventory declined by 4% in Q3 2022 across the top 7 cities.

Price Movements

Residential property prices across the top cities registered a quarterly increase in the range of 1-2% in Q3 2022. On an annual basis, prices have risen in the range of 4-7% primarily due to an increase in input costs and demand comeback post-COVID.

Also Read:

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