Sales of residential properties rose 24% in July-September this year: Report

• According to the report, the total sales stood at 1,08, 817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021.
• The new launches of residential property jumped 11 % in the third quarter of 2022.
• Thane, Pune and Bengaluru were the top three cities in terms of sales in the third quarter.

Despite biting inflation and higher interest rates, the real estate market has shown a gradual recovery this year from Covid-19 lockdowns. In fact, sales of residential properties in India’s top cities jumped 24% in the July-September quarter of this year compared to last year, says a new report by real estate consultancy firm PropEquity.

According to the report, total sales stood at 1,08,817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021. The top cities or Tier 1 cities included in this report are Bengaluru, Chennai, Hyderabad, Kolkata, Thane, Mumbai, Navi Mumbai, Pune and Delhi-NCR.

“There is a good appetite among the citizens of these cities for buying quality houses and thus there is significant buoyancy in the real estate market. Ever since we have come out of the shadows of the pandemic and the lockdown, there has been hectic activity in the real estate market which is good news for the developers,” said Samir Jasuja, founder and managing director at PropEquity.

The sales in the third quarter of 2022 increased by 1% as compared to the April-June period of the ongoing calendar year, when 1,07,358 units were sold.

“The residential property market in the third quarter of 2022 has seen decent performance in the top cities in the country, both from the point of view of sales as well as new launches,” Jasuja added.

The new launches of residential property at 83,241 units in the July-September quarter was an 11% rise year-on-year. However, sequentially, the sales in the third quarter fell 15% from 97,745 units in the preceding quarter.

Thane, Pune, Bengaluru see highest sales

According to the report, Thane, Pune and Bengaluru were the top three cities in terms of sales in the third quarter.

Source: PropEquity report

Thane saw the most number of sales in the third quarter but it saw a 4% fall from the immediately preceding quarter. Bengaluru recorded the highest year-on-year growth in sales at 41%, and an increase of 5% from the immediately preceding quarter. Pune witnessed a jump of 9% in sales.

The total unsold stock in the top cities at the end of the third quarter of 2022 was at 4,77,570 – a 12% decline from 5,40,849 units a year ago. Delhi-NCR, Bengaluru and Pune saw the most decline in unsold inventory.

Also, Delhi-NCR, Kolkata and Chennai saw the maximum increase in the weighted average price of homes in the period, according to the report. Delhi-NCR region at an average price of ₹9,996 per sq. ft, saw a 30% rise year-on-year.

Average price of homes in Kolkata stood at ₹5,954 per sq. ft – an increase of 21% over the corresponding period last year. At an average price of Rs 6,956 per sq. ft, Chennai recorded a jump of about 16%.

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