Residential sales hit 9-year high in the first half of 2022: Knight Frank

According to the most recent Knight Frank India survey, sales of residential units in India reached a nine-year high of 158,705 units during the first half of calendar year 2022 across the top eight cities including Mumbai, National Capital Region (NCR), Bengaluru, Pune, Chennai, Hyderabad, Kolkata, and Ahmedabad. The previous high for the first half of the year was 185,577 units, which was noted in the first half of calendar year 2013. The first half of calendar year 2022 statistic represents a 60% increase YoY (99,416 residential units sold across these metros in the first half of calendar year 2021).

In the first half of calendar year 2022, there were 160,806 new house unit releases, which is a growth of 56% YoY from 103,238 units in the first half of calendar year 2021, and an 8-year high for any half-year period. The high increase in sales also reduced the number of "quarters to sell" (QTS) from 10.9 quarters in the first half of calendar year 2021 to 7.8 quarters.

Despite growing residential property prices overall, sales have increased. Prices rose in all markets by between 3-9% YoY, with several of the higher volume markets, including Mumbai (up 6%), Bengaluru (up 9%), and NCR (up 7%), reporting considerable increases.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.