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A big decline in home sales was reported in Indian metro cities during April and June quarters due to a rise in property prices as well as mortgage rates, according to a report by Anarock.

As per the data, housing sales in Mumbai Metropolitan Region (MMR) fell 11 % to 25,785 units in April-June 2022 from 29,130 units in the previous quarter.

The Delhi-NCR market saw a 19 % decline in housing sales to 15,340 units during April-June, from 18,835 units in the previous quarter.

Chennai saw a 24 % fall in sales to 3,810 units, from 4,985 units in the previous quarter.

Housing sales in Bengaluru were down 14 % to 11,505 units in April-June, from 13,450 in January-March 2022.

Pune witnessed an 11 % fall in housing sales in the April-June quarter to 12,500 units, from 14,020 units in the previous quarter.

Sales of residential properties in Hyderabad were down 15 % to 11,190 units in April-June, from 13,140 units in the January-March quarter this year.

In Kolkata, housing sales declined 20 % to 4,800 units in April-June, from 5,990 units in the previous quarter.

Housing sales have declined 15 % during the April-June period to 84,930 units across seven major cities compared to the previous quarter. Sales stood at 99,550 units in the January-March quarter of this year.

However, sales jumped 3.5 times from 24,569 units in the April-June quarter last year.

Commenting on its sales numbers, Anarock Chairman Anuj Puri said: "Inflationary pressures on input costs compelled developers to increase property prices in the past few months, and RBI unleashed two rate hikes that swelled up home loan interest rates.

"These two factors combined to hike the overall property acquisition cost for homebuyers, leading to a dip in housing sales."

In its data, Anarock has considered sales of flats, villas, and rowhouses.

The Delhi-NCR market includes- Noida, Greater Noida, Ghaziabad, Gurugram, Faridabad, Bhiwadi, and New Delhi.

The MMR market includes Mumbai, Navi Mumbai, and Thane.

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