Residential Market Update: Q1 2022

Residential sales in Q1 2022 record second successive peak after the previous quarter. New Launches show quarterly as well as yearly growth.

May 13, 2022
  • Samantak Das
  • Rohan Sharma

Sales in Q1 2022 scaled a new peak for the second straight quarter (since Q2 2013) as Bengaluru clocked the highest ever quarterly sales and MMR saw its sales stand at an 11-year high in the quarter. The residential apartment market in India recorded sales of close to 52,000 units in Q1 2022 an increase of 11% on a sequential basis. Sales for the quarter also surpassed the average quarterly sales for the pre-Covid 2018-19 period by a significant 148%.

The top seven cities under consideration witnessed new launches of 60,307 apartments in Q1 2022, an increase of 36% q-o-q and 78% y-o-y. This marks the highest quarterly launches recorded since Q1 2014. Quarterly launches in Q1 2022 were also higher q-o-q across all the major cities, except Delhi NCR and Kolkata.

Trends in the residential segment in Q1 2022
Launches of premium apartments record an uptick

The price category of over INR 1 crore contributed towards 44% of the new launches in Q1 2022. The share of this price category has increased from 36% in Q1 2021 to 44% in Q1 2022 backed by strong buyer demand. The average ticket size for new launches is going up as evidenced by the rise in apartment units available in the price category of over 1.5 crore with their share increasing from 11% in Q1 2021 to 22% in Q1 2022.

Premium apartments priced over INR 1 crore record greater sales traction

There is a growing demand for large sized apartments and as a result there has been a rise in sales for bigger ticket sizes. Apartments priced over INR 1 crore saw sales jump by 83% year-on-year (y-o-y). The sales of apartments in this price bracket increased on an absolute basis from 5,994 units in Q1 2021 to 10,988 units in Q1 2022, though the share in overall sales remained similar at 21% across both the quarters.

Bengaluru, Mumbai and Delhi NCR account for nearly 63% of sales

Bengaluru contributed 24% of the sales activity during the quarter, followed by Mumbai with 22% and Delhi NCR accounting for 17%, while Pune represented 16% of overall sales.

Mumbai, Bengaluru and Hyderabad account for 71% of the new launches

Mumbai dominated new launches in Q1 2022, accounting for more than a 27% share. Bengaluru and Hyderabad followed with respective shares of 23% and 21% in the Q1 2022 launches.

Prices increase marginally

Residential prices rose by an average of 2-4% q-o-q in Q1 2022 in select micro-markets across all the top seven cities. A strong demand momentum and the rise in input costs were key factors behind the price increase. The increase in input costs and the sunset on waivers are likely to cause an upward pressure on prices.

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