In Greater Demand

The housing sector has witnessed high demand for quality and spacious homes whichis expected to continue in 2023 as inflation, other factors show signs of easing

- ASHISH SINHA

THE YEAR 2022 was a phenomenal year for the real estate sector, particularly the residential segment. Why? Because there was robust housing demand, mainly from end-users, across the top cities and Tier-II and Tier-III cities. In the year's first half, job security had improved vis-a-vis the uncertain pandemic period, say experts.

There was robust hiring in the IT/ITES sector, though the second half brought more sobering news on this front. Financial services showed a good hiring graph throughout, says Anuj Puri, Chairman, ANAROCK Group, a leading real estate consultancy firm. "The Jan-Sept period already saw housing sales and new launches surpass the fullyear readings of 2019 with around 2.73 lakh units sold in the nine months period of 2022 and new launches at 2.65 lakh units.

Compared to this around 2.61 lakh units were sold in 2019 in the same period, with new supply in that year at 2.34 lakh units," says Puri.

"The mid-range (Rs 40 - Rs 80 lakh), premium (Rs 80 lakh - Rs 1.5 crore), and luxury segments (> Rs 1.5 crore) were the showstoppers of 2022. This will continue in 2023 as well," he adds.

Robust Growth

Total sales in top 7 cities to exceed 3.6 lakh units in 2022

Jan-Sept period housing sales, new launches surpass record