According to a study published by PropTiger, real estate sales in the past year grew by a staggering 50 percent with a 101 percent increase in the number of new launches across the top eight cities in India. Mumbai and Pune led with a combined share of 56 per cent in overall sales in 2022. Nearly 26 percent of all sales transactions were concentrated in the Rs 45-75 lakh price bracket. Mumbai led new supply in 2022 with a 39 percent share in overall launches, followed by Hyderabad with 19 percent and Pune with 18 percent. Experts see 2023 as a year of smooth sailing for the real estate sector even with the steady increase in interest rates for home loans and hikes in property prices.
According to a study published by PropTiger, real estate sales in the past year grew by a staggering 50 percent with a 101 percent increase in the number of new launches across the top eight cities in India. Mumbai and Pune led the property demand in 2022, with a combined share of 56 per cent in overall sales in 2022. Experts see 2023 as a year of smooth sailing for the real estate sector even with the steady increase in interest rates for home loans and hikes in property prices.
Nearly 26 percent of the sales were concentrated in the Rs 45-75 lakh price bracket as far as individual properties are concerned. Another point of note is that sales of units in the more than Rs 1 crore price bracket has seen steady growth. This can be attributed to the fact that most of the new supply of properties in 2022 was concentrated in the Rs 1-3 crore price bracket, commanding nearly 28 percent of all new launches.
Mumbai and Pune led property demand in 2022, taking a combined share of 56 percent in overall sales. Data shows the demand grew both sequentially and yearly in all four quarters of the year. In the south Hyderabad has fast picked up and outperformed its southern counterparts, Bengaluru, and Chennai. Mumbai led new supply in 2022 with a 39 percent share in overall launches, followed by Hyderabad with 19 percent and Pune with 18 percent.
In 2022 residential demand was on par with pre-pandemic levels. While there has been a steady climb in home loan interest rates, end user interest has and is foreseen to continue to maintain demand in the sector. The study conducted by PropTiger includes sales data across the top 8 cities in the country, namely being Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, MMR, and Pune. The demand and supply trends observed in 2022 are expected to continue and bolster in 2023 with increased absorption, decreased vacancy rates, strong ROI, more considerable NRI and FDI investment and solidified government initiatives.
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