New Delhi, April 1 (IANS) Average residential property prices in the seven major cities increased by 2-5% in the first quarter of 2022 compared to the first quarter of 2021, mainly due to the increase in material prices first construction, according to real estate consultant ANAROCK The latest research data revealed.
Hyderabad recorded the highest annual jump of 5% on average, it said in the statement.
Notably, housing sales in Q12022 (Jan-March) are at an all-time high since 2015 with around 99,550 units sold across India’s seven major cities.
“This is an annual increase of 71% from approximately 58,290 units sold in the first quarter of 2021. The two major real estate hotspots – Mumbai and Delhi NCR – accounted for more than 48% of total sales in the 7 top cities, with NCR witnessing an annual jump of more than 114%, the real estate consultant said in a statement.
The bull run in the housing market continued in the first quarter of 2022, with approx. Sales growth of 10% QoQ and 71% YoY, recording record quarterly sales since 2015,” said Anuj Puri, Chairman of ANAROCK Group.
“The impact of the third wave of Covid-19 has been significantly lower than that of the previous two waves. The relentless appetite for home ownership amid the pandemic has been coupled with growing certainty of price hikes. looming prices to accelerate the speed of home sales.”
Regarding the number of inventory available, compared to Q1 2021, the increase in overall absorption in the top seven cities in Q1 2022 resulted in an overall reduction of 2% in available inventory of by the end of the first quarter of 2022, from 6.42 lakh units in the first quarter of 2021. -end to 6.28 lakh units by the end of the first quarter of 2022.
Chennai, Mumbai and Delhi-NCR saw the largest reductions in on-hand inventory in Q12022 compared to Q12021, of 11%, 10% and 9%, respectively.