According to JLL, in-home sales in the residential sector reached a decadal high in 2022 with 215,000 units sold in the top seven cities of Mumbai, Bengaluru, Delhi-NCR, Hyderabad, Kolkata, Chennai, and Pune.
With over 50,000 apartments sold during each of the year’s four quarters, housing sales in 2022 climbed by 68% year over year (y-o-y).
Delhi NCR was second with 38,000 units (18% share), followed by Bengaluru and Mumbai, which together accounted for more than 46,000 units (22% share each) of the annual sales in 2022.
When compared to Q4 2021, quarterly sales figures (October-December) increased by 16% in Q4 2022. Because of global headwinds and the unpredictability of the economy, potential home buyers exhibited caution and delayed decision-making in the final month of the year, which caused a 5% sequential decline in sales.
“The strong sales in H2 2022 indicate that even in the face of recent difficulties, which highlights the robustness of the Indian residential market and the rising significance of home ownership in the wake of the epidemic. While coping with the difficulties of the global headwinds and increased interest rates, the Indian residential market is anticipated to maintain its growth momentum in 2023 “Siva Krishnan, managing director & director of residential services for JLL in India, stated.
With a combined 21% share of the quarterly sales, Bengaluru & Mumbai are in the first place, followed by Pune with an 18% share.
Apartments priced under Rs. 50 lakh made up 22% of all annual sales in the present year compared to 28% in 2021. In contrast hand, the premium segment’s share (items costing more than Rs 1.5 crore) has increased from 10% to 19%.
In 2022, new releases increased by 81% year over year. Mumbai saw the most launches (26%) while Hyderabad saw the second-most (22%). Together, Bengaluru and Pune held 20% of the market. And over 40% of the releases fell into the range of Rs 75 lakh to Rs 1.5 crore in price. Apartments in the premium sector that cost more than Rs 1.50 crore had a sizable 21% proportion of sales for the year.
63% of the unsold supply is distributed among Mumbai, Bengaluru, and Hyderabad. Years-to-sell (YTS) analysis demonstrates that the anticipated time to sell the stock has decreased from 3.1 years for Q3 2022 – 2.9 years in Q4 2022.
