According to Anarock, fresh supply of residential real estate will rise by 44 percent this year across seven cities to 3.4 lakh units as developers look for a surge in demand.
Data from real estate consultancy Anarock showed that new launches stood at 2.65 lakh units during January-September this year across key markets of seven cities – Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Chennai, Hyderabad and Kolkata.
The current trends indicate that launches in these cities will exceed 3.4 lakh units in the entire calendar year 2022, the consultant added.
“Total new launches in 2022 will remain lower than the previous peak of 2014, which saw approximately 5.45 lakh homes launched across the top 7 cities,” Anarock said.
According to the data, new domestic launches were at 4,64,060 units in 2013, 5,45,230 units in 2014, 3,89,970 units in 2015, 2,49,840 units in 2016, 1,46,860 units, 1,029,171 units in 2018, 2,36,560 units in 2019, 1,27,960 units in 2020 and 2,36,690 units in 2021.
New launches fell to nearly 1.28 lakh units during calendar year 2020 as residential demand was severely hit due to the COVID pandemic and nationwide lockdown to curb the spread of the disease.
However, the fresh supply increased during 2021 and this year with a strong revival of demand.
Commenting on the new launches, Signature Global Founder and Chairman Pradeep Aggarwal said the real estate sector is witnessing tremendous growth after two consecutive lackluster years of demand amid the pandemic.
” Economic activity is in full swing and thanks to pent-up demand, we are witnessing a significant increase in transactions across the segment. Unsold inventory has reduced significantly and as a result, we are witnessing a number of new projects being launched, keeping in view the demand. We expect the trend to continue,” he said.
On the demand side, Anarock said residential sales are likely to hit an all-time high this year at 3.6 lakh units in seven major cities on strong demand across all price categories despite hardening of interest rates on home loans and real estate.
The previous high was recorded in 2014 when housing sales stood at 3,42,980 units across primary markets (fresh sales only) of seven major cities.
According to Anarock data, residential property sales reached 2,72,710 units during January-September of the current calendar year and have already breached the 2019, pre-Covid year, number of 2,61,360 units.
Residential sales stood at 3,18,400 units in 2013; 3,42,980 units in 2014; 3,08,250 in 2015; 2,39,260 units in 2016; 2,11,140 units in 2017; 2,48,310 units in 2018; 2,61,360 units in 2019, 1,38,340 units in 2020; and 2,36,520 units in 2021.
In the last 18 months, all major listed real estate companies have reported decent to high growth in their sales booking numbers.
(This story has not been edited by Devdiscourse staff and is automatically generated from a syndicated feed.)