The Mumbai property market has witnessed the highest sale ever in 2022 in terms of the number of registered properties. According to data from Liases Foras – an independent property research firm – on the housing market trend in 2022, the Mumbai Metropolitan Region (MMR) recorded the highest ever supply of new homes, followed by Pune, Hyderabad and Ahmedabad.
Data revealed that in September 2021, the supply of new homes in MMR was 9,022. In September, the figure was 22,044, an increase of 144%. The average RMM price growth, however, was only 1%, according to the data.
Across India as well, the start-up of new residential projects has seen a significant spike. This was 41% more than last year and 22% more than in 2019, the report adds. Pankaj Kapoor, Managing Director of Liases Foras, said, “The year 2022 saw the highest sales ever, which surpassed the 4 lakh figure across India. Also, the year saw the most launches… around 4.2 lakh new units were launched. As a result, the number of unsold stocks has increased.
Before Covid-19 pandemic, on average, all unsold units would take 53 months to sell. “Now that number is down to 38-39 months… Inventory is down only 7%. The highest number of unsold stocks was recorded in 2018 at around 13.5 lakh. Right now it is 12.5 lakh units in different stages of construction,” Kapoor said, adding that to sell these units, it takes at least three years.
According to the Liases Foras real estate market outlook for 2023, the rise in prices will be moderate. He maintained that 2023 will be a buyer’s market, as a large number of homes will be available for sale and builders will face a low profit margin. Sales would not decline in the coming year, according to the report.