2022 Likely To End On A High Note For Residential Sector, Says Report

The residential sector continues on its growth trajectory on account of strong homebuyer sentiments, according to a report by CBRE
2022 Likely To End On A High Note For Residential Sector, Says Report

The year 2022 is likely to end on a high note for the residential sector, on the back of a steady trajectory fuelled by strong homebuyer sentiments, a report by CBRE, a commercial real estate services and investment company, has said.

 As many as 76,000 units were sold and 85,000 units were launched in Q3 of 2022, the report said. 

There was 50 per cent growth in sales year-on-year (y-o-y), though negligible on a quarterly basis. The number of unit launches saw 68 per cent growth on a yearly basis and 11 per cent on a quarterly basis, the report further said. 

According to the report, a total of 222,000 units were sold in the first nine months of 2022, a rise of almost 64 per cent on a yearly basis.

Demand In Retail Sector

Retail leasing in India climbed by 114 per cent y-o-y between January and September 2022, while the supply increased by 102 per cent q-o-q in Q3 2022, according to the report.

Says Anshuman Magazine, chairman and CEO – India, South-East Asia, Middle East & Africa, CBRE, “Nearly 40 per cent y-o-y growth in leasing activity was observed in the retail sector in Q3 2022 and 114 per cent y-o-y between January and September 2022. Owing to the high growth potential, we expect many international brands to continue to view India as a growth market.”

Among the cities, Hyderabad (29 per cent), Delhi-NCR (25 per cent), Mumbai (13 per cent) and Bangalore (12 per cent) collectively accounted for 79 per cent of the total retail space absorption, the report revealed.

Ram Chandnani, managing director, advisory and transactions Services, CBRE India, says: “Retail leasing is expected to further strengthen during the current festive season. In Q3 2022, the overall retail absorption and supply was 1.1 mn sq. ft. and 0.5 mn sq. ft. respectively. Strong leasing momentum across Hyderabad, Delhi-NCR, Mumbai and Bangalore indicates regained retailer confidence and expansion potential.”

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