As in the previous quarter, MMR and Hyderabad recorded the maximum new supply, accounting for 51% of new launches. Individually, the two cities saw annual increases of 59% and 71% in new supply, respectively, according to the ANAROCK report. In MMR, 23,640 units were launched in the first quarter of 2022 with more than half of the supply added in the subRs 80 lakh segment. Chennai was the only city to see a drop in new supply: 3,060 were units in the first quarter of 2022, a year-on-year decline of 34% compared to the first quarter of 2021.
“Despite the spiraling new launches during this quarter and the previous quarter, unsold inventory in the top seven cities saw an annual decline of around 2% – from 6.42 lakh units towards the end of the first quarter of 2021 to approx. 6. 28 lakh units by the end of Q1 2022. Chennai, MMR and NCR recorded the highest annual declines in Q1 2022 of 11%, 10% and 9%, respectively,” the report adds. “The bull run in the housing market continued into the first quarter of 2022, with sales growing around 10% quarter-over-quarter and 71% year-over-year, posting record quarterly sales since 2015,” he said. said Anuj Puri, Chairman of ANAROCK Group.
“The impact of the third wave of Covid-19 was significantly lower than that of the two previous waves. The relentless appetite for home ownership amid the pandemic has combined with growing certainty of impending price hikes to accelerate the speed of home sales,” he added.
Average residential real estate prices in the top 7 cities increased by around 2-5% in the first quarter of 2022 compared to the first quarter of 2021, mainly due to the increase in the prices of construction raw materials. Hyderabad recorded the highest annual jump of 5%.
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