As compared to the last five years, Mumbai has registered the highest residential property sales in the calendar year 2022. The total sales of residential real estate in the city stood at 51,390 units in 2022, up 37% as against the previous year, according to PropEquity, a real estate data and Analytics Company.
The report stated that the maximum absorption of homes was seen from western suburban region of Mumbai city. The demand has outweighed new launches in the last five years even as the interest rates and home loans started to head northwards in 2022.
“In terms of new launches, the city witnessed 26% jump in 2022 at 46,900 units as compared to the preceding year. The inventory overhand stood at 14 months at the end of 2022 on the basis of the current rates of sales of properties,” the report stated.
The share of mid-segment (with ticket price of Rs 1-2 crore) units was the largest in both new launch and sales categories. Most of the home buyers were seen inclined more towards mid-segment housing in Mumbai.
The share of the ‘Affordable’ segment of house stood at 28% and that of ‘Luxury’ segment was 26% among the new launches. As far as sales are concerned, the share of the ‘Affordable’ category of homes stood at 27% and that of ‘Luxury’ segment was 28%.
“Mumbai has seen its highest levels of home sales in 2022 when compared to the last five years even as the home loans were becoming more expensive. This speaks of the resilience of the property market in the financial capital of the country. The real estate market in the city is expected to thrive in the near future on the back of dynamic new offerings from the real estate companies and huge appetite among the customers. New benchmarks are being written in the property market of Mumbai which augers well, not just for the city, but for the industry as whole across the country” said Samir Jasuja, Founder and Managing Director, PropEquity.