According to a report by online real estate major PropTiger.com, which is part of REA India that also owns Housing.com & Makaan.com, home sales and new launch numbers have shown a year-on-year growth in the period between January and March, 2022.
The report by the Gurgaon-headquartered company shows 70,623 units were sold in Q12022 as compared to 66,176 units sold in Q12021, registering 7% YoY growth. A total of 79,532 units were launched in Q1 2022 as compared to 53,037 units in Q1 2021. Mumbai and Pune had the biggest share in housing sales, with their combined share standing at 56% in the overall sales. The MMR market did the heavy lifting in terms of new supply in the quarter ended March 31, demonstrating a 246% increase YoY. Builders in India are sitting on an unsold stock consisting of 7,35,852 units as on March 31, 2022. This number stood at 7,05,344 units at the end of March 2021. Delhi NCR has the highest inventory overhang while Bangalore and Kolkata have the lowest.
The Group CEO of PropTiger.com, Housing.com & Makaan.com Dhruv Agarwala said, “With further normalization of activity in the months to follow, we expect greater positive changes.”