The total housing sales have jumped 24 percent to 1,08, 817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021. The total unsold inventories in the top cities at the end of the third quarter of 2022 went down by 12 percent as compared to last year, according to a report by PropEquity.
The real estate market has shown a slow rebound from COVID-19 lockdowns this year amid inflation and high bank loan rates. The absorption has been much higher than new launches in the third consecutive quarter. The report added the absorption is higher by 25 percent than new launches.
Samir Jasuja, Founder and Managing Director at PropEquity, said, "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. Buoyancy is building from one quarter to another in the current year."
Highest sales
The report said among the cities, that clocked the highest sales were Thane, Pune and Bengaluru.
Bengaluru saw sales of 15,297 units in the third quarter of 2022, a jump of 41 percent from the same time in 2021 and an increase of 5 percent from the immediately preceding quarter.
Thane recorded a sale of 21,910 units in the third quarter of 2022, up 32 percent year-on-year (YoY) but down 4 percent on a quarter-on-quarter (QoQ) basis.
Pune witnessed sales of 20,807 units in the third quarter of 2022, a jump of 9 percent from the same time in 2021 but down 1 percent sequentially.
The sales in the third quarter of 2022, however, fell by 15 percent as compared to the immediately preceding quarter of the current year when 97,745 units were launched, according to the report.
New launches
Hyderabad, Thane and Pune, stood among the top three cities that witnessed launches in the pipeline.
The new launches of residential property jumped 11 percent in the third quarter of the ongoing year in the top cities of the country compared to the same period in 2021.
The new launches stood at 83,241 units in the third quarter of 2022 as against 75,061 units in the same quarter of 2021.
Hyderabad saw new launches of 16,931 units in the third quarter of 2022, a jump of 30 percent from the same time in 2021 and an increase of 7 percent from the immediately preceding quarter.
Thane witnessed new launches of 15,384 units in the third quarter of 2022, a jump of 30 percent from the same time in 2021 but down 38 percent from the immediately preceding quarter.
Pune saw new launches of 13,081 units in the third quarter of 2022, a decline of 33 percent from the same time in 2021 and a fall of 29 percent from the immediately preceding quarter.
Unsold inventories
The total unsold stock at the end of the third quarter of 2022 stood at 4,77,570 units as compared to 5,40849 units in the same period of 2021.
Delhi-NCR, Bengaluru and Pune saw the most decline in the unsold inventory.
Delhi-NCR had an unsold inventory of 37,494 units at the end of the third quarter of 2022, Bengaluru had 54,612 units and Pune had 70,475 unsold units.
The average price of houses in Delhi NCR stood at Rs 9,996 per square feet in the third quarter of 2022 while Kolkata stood at Rs 5,954 per square feet, an increase of 21 percent over the third quarter in 2021.
The average price of homes in Chennai stood at Rs 6,956 per square feet in the third quarter of 2022, a jump of 16 percent over the same period in 2021.
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