Rising property prices, interest rates, excessive monsoons, and odds like the inauspicious ‘shraadh’ period failed to deter home buyers in the July to September period, according to a new report.
As many as 88,230 units were sold across the top seven cities during the three-month period - a four percent quarterly increase and 41 percent annual rise in housing sales, the latest data by real estate services company ANAROCK reveals. In the April to June quarter, approximately 62,800 units were sold.
Among cities, people bought the highest number of houses i.e 26,400 units in the Mumbai Metropolitan Region (MMR), followed by the national capital region (NCR) where nearly 14,970 units were sold.
Hyderabad saw the highest jump in housing sales compared to the corresponding three months in 2021, followed by Kolkata and Bengaluru.
City-wise Absorption (In Units) | |||||
| City | Jul-Sept | Apr-June | Quarterly change (%) | Jul-Sept 2021 | Annual change (%) |
| NCR | 14,966 | 15,337 | -2% | 10,220 | 46% |
| MMR | 26,400 | 25,785 | 2% | 20,965 | 26% |
| Bengaluru | 12,690 | 11,505 | 10% | 8,550 | 48% |
| Pune | 14,080 | 12,498 | 13% | 9,705 | 45% |
| Hyderabad | 11,650 | 11,190 | 4% | 6,735 | 73% |
| Chennai | 3,495 | 3,810 | -8% | 3,405 | 3% |
| Kolkata | 4,953 | 4,800 | 3% | 3,219 | 54% |
| Total | 88,234 | 84,925 | 4% | 62,799 | 41% |
| Source: ANAROCK report | |||||
New house launches too saw a massive annual jump of 45 percent to nearly 93,490 units, according to the report. MMR and Hyderabad witnessed the maximum new launches during the quarter with approximately 36,000 units and 15,530 units, respectively, it added.
However, despite buoyant sales, NCR considerably restricted its new supply in comparison to other cities including MMR, Bengaluru, Pune, and Hyderabad, the report noted.
City-wise New Supply (In Units) | |||||
| City | Jul-Sept | Apr-June | Quarterly change (%) | Jul-Sept2021 | Annual Change (%) |
| NCR | 6,400 | 4,069 | 57% | 8,412 | -24% |
| MMR | 36,002 | 29,732 | 21% | 16,507 | 118% |
| Bengaluru | 13,916 | 12,513 | 11% | 7,684 | 81% |
| Pune | 14,730 | 16,559 | -11% | 10,292 | 43% |
| Hyderabad | 15,531 | 15,781 | -2% | 14,692 | 6% |
| Chennai | 2,397 | 1,476 | 62% | 2,976 | -19% |
| Kolkata | 4,514 | 2,018 | 124% | 3,995 | 13% |
| Total | 93,490 | 82,148 | 14% | 64,558 | 45% |
| Source: ANAROCK report | |||||
Anuj Puri, Chairman - ANAROCK Group, said, “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.
He expects the trend to 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," he added.
Puri, however, added that the Reserve Bank of India (RBI) may be forced to aggressively hike interest rates if inflation remains at elevated levels and that may lead to some turbulence in the market
ANAROCK's most recent Consumer Sentiment Survey finds that high inflation has majorly impacted the disposable incomes of at least 61 percent of respondents. The survey also found that housing sales may be impacted to some extent if home loan interest rates breach the 9.5 percent mark.
Also Read: Luxury homes in seven metros witness 8-18% monthly rent increase in two years, says report
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