scorecardMumbai tops real estate sales and new launches in September quarter
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Mumbai tops real estate sales and new launches in September quarter

Mumbai tops real estate sales and new launches in September quarter
Business3 min read
  • Mumbai metropolitan region recorded the highest sales of 26,400 units, followed by NCR at t14,970 units.
  • Mumbai, Hyderabad, Pune and Bengaluru accounted for highest new property additions.
  • Based on price range, the survey estimated that 36% of total new supply was in the mid-segment (₹40-80 lakh).
Real estate sales across India’s top seven markets have recorded a quarterly growth of 4% during September quarter, boosted by an improvement in homeownership sentiment post pandemic, according to real estate services firm Anarock. On a year-on-year basis, this growth surged 41%.

Overall, 88,230 units were sold in the quarter against 84,930 units in the preceding quarter and 62,800 units in Q3 2021.

“The appetite for homeownership has remained undeterred, with maximum sales being driven by end users. 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,” Anuj Puri, chairman, Anarock Group, said.

Mumbai Metropolitan Region (MMR) sold the most units – at 26,400 – among the top seven cities, registering a year-on-year growth of 26%.

While Delhi sold fewer units at 14,970 as compared to MMR, in percentage terms its sales went up 46% annually.

Pune registered a quarterly sales growth at 3% and annually, its growth stood at 45%.

NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% of the sales for the quarter. The sales in Chennai and Kolkata made up 10% of the total sales.

Residential property prices across these top seven 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, Anarock said.

Mumbai, Hyderabad top new unit additions

MMR is also on the top when it comes to new properties. The region added 36,000 new units in the quarter and overtook Hyderabad – the city which ranks second in terms of new additions – by a large margin. Hyderabad added 15,530 units during the quarter, while in NCR, it was much lower at 6,400 units.

MMR, Hyderabad, Pune and Bengaluru together accounted for 86% of the total new property additions, says Anarock.

As many as 93,500 new units were launched across the top seven cities, against 82,100 units in the preceding quarter — registering a 14% growth.

On a yearly basis, there was a 45% jump of new real estate property launched. In Q3 2021, 64,560 units were launched in the top seven cities across the country.

Analysing based on price segments, the survey estimated that 36% of total new supply was in the mid-segment (₹40-80 lakh), 28% in the premium segment (₹80 lakh-₹1.5 cr); 18% each in the luxury and affordable segments.

The impact of increasing interest rates on home loans, however, is yet to be seen.

“However, if inflation remains at elevated levels forcing RBI to aggressively increase interest rates, there might be some turbulence in the market,” Puri said.

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