Mumbai, July 13 (Agency) Sales for apartments priced above Rs 1.5 crore surged by over 270 per cent year-on-year in Q2 of financial year 2022-23, real estate consultancy firm JLL said on Wednesday. The two larger markets of Delhi NCR and Mumbai saw maximum sales in the quarter in this price bracket. Apartments priced above Rs 1.5 crore had a share of 15% in the quarterly sales in Q2 2022. The higher levels of residential sales in the premium category show increased demand for bigger homes and buyer confidence coming back to the market. However, apartments in the price bracket between Rs 50 lakh-75 lakh still had a larger share of 28% in the residential sale during the quarter. Bengaluru and Pune recorded the majority of the respective city sales in this price category, according to JLL’s Residential Market Update – Q2 2022.
The residential market recorded sales of over 53,000 units in Q2 2022 which is an increase of 171% Y-o-Y as compared to Q2 2021 across the top seven cities. This demonstrates the rising demand due to containment of the pandemic and buyer confidence coming back to the market. On a sequential basis, sales increased by three per cent during the quarter. Appreciation in residential prices due to rising input costs and interest rates led to almost flat sequential growth in Q2 2022. Mumbai is the largest contributor to sales (23%) followed by Bengaluru with 21% and Delhi NCR with 19% of the overall sales. Another 6,013 residential units in the plots and villa categories were sold during Q2 2022 across the top seven cities.
The majority of the traction was seen in the southern cities of Bengaluru, Chennai, and Hyderabad. Siva Krishnan, Head – Residential, India, JLL, said, “India’s residential market has shown remarkable resilience in the last year. Sales of more than 105,000 units were recorded in H1 2022 which is an increase of 119% Y-o-Y as compared to H1 2021. This certainly indicates that the market sentiments are improving compared to the previous year. Sales got a boost from many factors including lower COVID-19 cases, pick up in economic activity, and a stable employment scenario. The residential market has charted a new chapter of growth in H1 2022.”