A new study by ANAROCK, a real estate services company with proprietary technology to study marketing and sales, reveals that despite the gradual hike in property prices and home loan rates in 2022, housing sales in seven top cities in India, hit a new peak this year. The revised figures cross the previous milestone set in 2014
The report released on Tuesday places the Mumbai Metropolitan Region (MMR) at the top spot followed by the National Capital Region (NCR), Pune, Bengaluru, Hyderabad, Kolkata and Chennai. Nearly 3.65 apartments were sold in across the seven cities against the 2.36 lakhs unit in 2021, registering a 54% year-on-year increase.
The last highpoint was in 2014, when 3.4 lakh units were sold.
In terms of cities, MMR recorded the highest sale of approximately 1.09 flats this year. NCR with 63,700 flats sold was second. Explaining the trends, Anuj Puri, chairman, ANAROCK Group, stated: “2022 has been a phenomenal year for residential real estate despite rising prices and inflation across all sectors. The apprehensions that rising interest rates would impact sales were proved wrong. In fact, in the fourth quarter of 2022, nearly 92,160 units were sold. We are hopeful of the positive trend continuing into the next year,” he added.