The first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allying fears that housing sales could be impacted by rising property prices and interest rates. The numbers show that Diwali came early for developers, with homes worth INR 1.56 lakh Crore sold across the top 7 cities in H1 FY23.
While it leads in terms of disposal of cases, UP has seen the lowest growth of 22% in project registrations in the past three years. In October 2019, the state had approx. 2,710 registered projects while the current number stands at approx. 3304 projects, indicating that the primary focus in UP has been on project completions rather than new launches.
As per latest ANAROCK data, the average monthly rentals in the prominent luxury micro-markets across the top 7 cities increased anywhere between 8-18% in the last two years. Mumbai’s Worli saw the highest rental growth of 18% in the period – from INR 2 lakh per month in 2020 to INR 2.35 lakh in 2022 for luxury homes of minimum 2,000 sq. ft. area.
Indian luxury housing has performed remarkably well post the pandemic, with overall sales rising steeply across the top 7 cities. Latest ANAROCK Research data finds that of approx. 1.84 lakh units sold in these cities in H1 2022, about 14% (approx. 25,700 units) were in luxury homes. In contrast, of 2.61 lakh units sold in the whole of 2019, just 7% (approx. 17,740 units) were in the luxury category.
The total leasable area of the retail spaces is 130000 sq. ft. spread over three floors. The entire third floor measuring 65,000 sq. ft. is dedicated to coworking/office spaces which will cater to approx. 2000 working professionals at a time. Including a 350000 sq. ft. Multi-level Car Park, the entire complex spans a massive 208000 sq. ft.
As of Q1 2022-end, the total available stock of affordable housing (<INR 40 lakh) in the top 7 cities is approx. 1,86,150 units; 2,34,600 units at Q1 2020-end
Chennai, Pune & MMR saw the highest supply decline of 52%, 33% & 27%, respectively
Supply of ultra-luxury homes (>INR 2.5 Cr) declined 5% in the same period – from approx. 41,750 units in Q1 2020-end to approx. 39,810 units by Q1 2022-end; MMR & Kolkata shed maximum ultra-luxury stock of 16% & 15%, respectively
Mid segment housing saw a 4% decline – from 1,97,880 units in Q1 2020-end to 1,89,310 units by Q1 2022-end
Premium & luxury homes (INR 80 lakh to INR 2.5 Cr) unsold stock increased in the same period
Mumbai, 19 April 2022: While the new supply of affordable housing has been shrinking over the last two pandemic years, demand remains healthy. ANAROCK data reveals that out of the total unsold stock across the top 7 cities, affordable housing inventory saw the most significant decline of 21% – from 2,34,600 units by Q1 2020-end to 1,86,150 units by Q1 2022-end.