Q3 2022 Residential Property Sales in India Are The Highest Since 2007

As the real estate industry in India gradually overcomes the impact of the pandemic, residential property sales have shown record sales in the third quarter of FY 2022. It was in this quarter that property sales in the residential segment were the highest since 2007. Even though the consumer sentiments were down during the second wave of the pandemic, the industry continues to wriggle its way out of the stagnancy.

In Hyderabad, the sales momentum was the strongest. The city witnessed as much as 35% increment in property sale calculated on YoY. At 20% increment, Bengaluru occupies the second position. Mumbai witnessed an 8% increment in residential property sales during this period, and thus occupies the third position.

Interestingly, the NCR also saw an increment in property sales. Particularly, areas like Noida and Gurgaon experienced high property transactions. New properties were also launched in these areas in the mentioned period. In the NCR, Noida accounted for 24% of the sales, while Gurgaon had the larger share with 53%.

The MMR (Mumbai Metropolitan Region) also shows positive sales figures, with 35.3 million sq. ft. As the industry continues to show signs of recovery, it is expected that the other metro cities would also show good development. Of course, this is a healthy sign for the real estate sector, given that the sales had dropped significantly amidst the pandemic. In the coming years, the residential property sales figures are likely to further increase in India.