Metro dominate residential real estate market in 2022
1 min read 21 Mar 2023, 01:55 PM ISTAs per the official release, a total of 4.53 lakh units were absorbed in tier-1 cities, which is significantly higher than the 1.83 lakh units absorbed in tier-2 cities.
PremiumSales of residential property in tier-1 cities in India in the calendar year 2022 were more than 250% higher than those in tier-2 cities, according to a release by real estate consultancy PropEquity.
As per the official release, a total of 4.53 lakh units were absorbed in tier-1 cities, which is significantly higher than the 1.83 lakh units absorbed in tier-2 cities.
“This disproportion in metros and tier 2 cities this due to employment opportunities, better infrastructure with a better standard of living in tier-01 cities. Regardless of the size of the real estate industry in the two categories of cities, there are very positive developments and all-around growth of the property market across the country where more and more people are finding a home of their choice and within their budgets. These are healthy signs of a mature real estate in any country," said Samir Jasuja, Founder and Managing Director at PropEquity.
The release noted that in terms of new launches of residential property, the tier 1 cities outperformed the tier 2 cities by more than 240% in 2022. "The new launches seen in metros stood at the 3.71 lakh unit mark while it was 1.52 lakh units in the latter," read the report.
"Rapidly rising property sales in Tier 1 cities have shown us that despite challenges, perseverance and innovation always win. With an impressive 2.5 times sales figure compared to Tier 2 cities, it is a testament to the strength of the market and the tenacity of those involved in the real estate industry. It is a reminder that there are always opportunities for success and growth, even in the most challenging of times." said Ankush Kaul, Chief Business Officer - of Ambience Group.
The company further informed that CY 2022 has witnessed the highest launches and absorption in the last eight years, with
absorption crossing 4.5 lakhs of residential units with only 3.7 lakhs of new supply in the same period.
