Housing sales jumped nearly 13% Q-o-Q to more than 70,000 units in Q1 2022 and sales rebounded significantly by approximately 40% Y-o-Y, as the residential sector is poised for unprecedented growth, according to a CBRE report.
The affordable/budget segment’s share in sales remained stable at 27% in Q1 2022 vis-à-vis Q4 2021. While sales in the high-end category jumped to 23% in Q1 2022 as against 16% in Q4 2022, those in the mid-end segment dropped to 41% in this quarter. The premium and luxury housing segments also witnessed a slight uptick in sales on a Q-o-Q basis.
New unit launches jumped by nearly 30% Y-o-Y to cross the 60,000-unit mark in Q1 2022. With shares of 43% and 30%, mid-end and high-end categories dominated new launches in the country.
“The residential sector is poised for a strong 2022 as both sales and new launches are set for a robust performance after exhibiting resilience last year. Continued policy push by the government (especially to the affordable and mid-end segments), improved vaccination coverage, revival in economic activity coupled with attractive mortgage rates are likely to aid a strong performance by the residential sector,” said Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & CBRB.
The report also highlighted that cities in the western part of the country continued to drive sales as well as unit launches. Pune led housing sales in Q1 2022 with a 27% share, followed by Delhi-NCR (21%), Mumbai (20%) and Bangalore (14%). In terms of unit launches, Pune dominated among cities with a 29% share, followed by Mumbai (22%) and Hyderabad (20%).