Construction Industry News
In terms of the number of registered properties, the real estate market in Mumbai has been highest ever sales in 2022. Pune, Hyderabad, Ahmedabad and Mumbai Metropolitan Region (MMR) saw the largest ever supply of new homes in 2022, according to statistics from Liases Foras, an independent real estate research firm.
The information showed that there were 9,022 new homes available in MMR in September 2021. The number increased by 144% to 22,044 in September this year. The investigation showed that the average price growth in MMR was only 1%.
The launch of new residential developments also saw a notable increase across India. According to the data, it was 41% higher than in 2018 and 22% higher than in 2019. According to Pankaj Kapoor, general manager of Liases Foras, "2022 witnessed the biggest sales ever, with the 4- lakh mark across India. In addition, the year had the most launches ever, at 0.00042 billion brand new units are introduced. As a result, there is now more unsold inventory.
Prior to the Covid-19 outbreak, it typically took 53 months to sell each unsold unit. "Now this number is 38-39 months...Only 7% of stock has been cut off. In 2018, there were more than 0.00135 billion unsold inventories, the highest amount ever. According to Kapoor, there are currently 0.00125 billion units in various stages of construction. He added that at least three will be needed year to sell these units.
According to Liases Foras' forecast for the real estate market in 2023, the price increase would be gradual. According to the report, 2023 will be a buyer's market because there will be many homes for sale and little room for profit for builders. According to the estimate, the sale would not decline in the coming year.
266
699
794
1499
300
999
270
999
248
299
170
299
1899
2499
269
345
279
899
501
1001
200
399
250
499
531
1001
2253
2299
153
899
248
459
