Similar intense activity was also observed in new launches, which grew 15% year-on-year (YoY) to 69.687 units during Q3 2022. All markets experienced an average price increase of between 3% and 10% YoY.
The residential sector experienced an annual growth rate of 15%
New Delhi: The residential sector experienced an annual growth rate of 15% between July and September 2022 to 73.691 housing units in the top eight cities across the country, up from 64,010 in Q3-2021. Knight Frank India has recently released report about residential sector growth.
This represents a 20% increase in average quarterly sales compared to the pre-pandemic period of 2019. The sales volumes are still substantial but have declined by 8% compared to the previous quarter.
Similar intense activity was also observed in new launches, which grew 15% year-on-year (YoY) to 69.687 units during Q3 2022. All markets experienced an average price increase of between 3% and 10% YoY.
The residential market in India remained strong
With 2,32,396 sales of home units in 9M CY2022, the “residential sector” in India remained strong with 2,323,396unit sales. This represents a 40% increase in residential volume sales compared to 1,63,426 stable repo rates of 9M CY2021.
Mumbai’s 21,450 home unit sales volume was 29% among the top 8 markets. This is the highest percentage of all residential sector (Market). Bengaluru was second in sales, with 13,013 units sold in the third quarter of 2022. NCR also had a strong performance, with 11,014 units sold during this period.
Concerning Quarters to Sell (QTS), strong sales growth led to Quarters To Sell (QTS) falling to 7.1 quarters from 10.3 in Q3 2021.
It is worth noting that ticket sizes have increased from the 14,082 units sold in Q3 2021 to the 20,633 units sold in Q3 2022. This led to a 28% increase in sales in Q3 2022, compared to 22% one year ago. This is due to homebuyers’ desire to have larger living spaces and better amenities.
With 26,529 units sold in Q3 2022, the share of home sales within the Rs 50 lakh to Rs 1 crore range remained steady. However, units below Rs 50 lakh decreased from 43% (27.524 units) in Q3 2021 to 36% (36.529units Q3 2022).
All markets saw prices rise by 3% to 10% YoY, with Mumbai (6%) and NCR (8%) seeing significant growth. This is the third quarter of YoY consistent price growth across all markets.
Related Post –
Haryana is eyeing Rs. 1 lakh crore in investment to fund the Global City project in Gurugram.