New Delhi, (IANS) Going by the momentum of housing sales in the ongoing festive period and that of the first three quarters of this year, 2022 is likely to breach the previous peak of 2014 with an all-time high sales across the top seven cities.

As per the latest research by real estate consultancy firm Anarock, total sales in the top seven cities can exceed 3.6 lakh units in 2022.

In the previous peak year of 2014, the cities saw the sale of 3.43 lakh units.

The January-September period of 2022 saw housing sales and new launches surpass the full-year readings of 2019 with nearly 2.73 lakh units sold in nine months of 2022 and new launches at 2.65 lakh units. 2019 saw over 2.61 lakh units sold in the entire year, while new supply stood at 2.34 lakh units.

The Mumbai Metropolitan Region (MMR) and NCR have retained their top slot rankings in the first nine months of 2022. Nearly 1,30,450 units were collectively sold in these two regions, accounting for 48 per cent of the total sales in the top seven cities.

Other high-selling cities were Pune, Bengaluru, and Hyderabad, which accounted for a 42 per cent cumulative sales share.

Housing sales remained strong despite average property prices increasing in 2022, with the annual price appreciation in Q3 2022 being the best in the past seven years -- 6 per cent against Q3 2021.

Anuj Puri, Chairman, Anarock Group, said: "2022 will create residential market history in India, having already breached all previous highs and continuing to witness strong sales momentum in the ongoing festive season. Homeownership sentiment retained the vibrancy ushered in by the Covid-19 era, despite interest rates hikes of 190 bps, increased property rates, and the conspicuous lack of festive season offers and discounts this year."

A combination of end-user and investor demand continues to zero in on projects by large and listed developers. These players report consistently high sales and are stepping up new supply infusions into the market. Total new launches in 2022 will remain lower than the previous peak of 2014, which saw approximately 5.45 lakh homes launched across the top 7 cities.

Current trends indicate that launches in these cities will exceed 3.4 lakh units in the whole of 2022. The first nine months of 2022 saw 2.65 lakh units launched in the top seven cities, with MMR and Hyderabad recording the maximum new launches in this period and accounting for 54 per cent of the total new supply.

News BY IANS (Indo-Asian News Service)

This article has been republished with permission from IANS. The views expressed in the article are that of the author and not of the publisher or its management.