Real Estate

Outlook 2022
India’s Residential Market
CY’22 (January ‘22 to December ‘22)

Data Filters:
• Data Includes Apartments, Independent Floors and Villas/ Row Houses © 2023 P.E. Analytics Limited. All Rights Reserved.
• Excluding Construction on Hold and Sales on Hold Information contained herein, has been obtained from sources believed to be reliable by PropEquity.
• Excluding Lottery Projects While we do not doubt its accuracy, we make no warranty or representation about it.
 Table of Contents
Key Aspects covered in the report

01.
Key Overview
02.
Pan-India
03.
City-Level Analysis
04.
About Us
Real-Estate Trends & Trends
Cites Coverage Tier 01 vs. Tier 02 Cities Supply-Absorption Dynamics Foreword
Overview of 2022 Market Share of Tier 02 Cities Pricing Trends About PropEquity-Research and Consulting
Pareto Distribution in Real-Estate Segment Wise Distribution Authors
Tier 01: Market Indicators (Affordable-Mid-Luxury) Contact Us
City Level Ranking Top Developers in CY’22
(basis key market indicators)

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 2
 City Coverage
Tier 01 & Tier 02 Cities considered for the report

14 Bangalore, Chennai, New Delhi, Noida, Faridabad, Ghaziabad,

Greater Noida, Gurugram, Hyderabad, Kolkata, Mumbai, Navi
Tier-I Mumbai, Thane, Pune
Cities

Tier-1 Cities
Tier-2 Cities

30
Agra, Ahmedabad, Amritsar, Bhiwadi, Bhopal, Bhubaneshwar,
Chandigarh, Coimbatore, Dehradun, Gandhi Nagar, Goa, Guntur,
Indore, Jaipur, Kochi, Lucknow, Ludhiana, Mangalore, Mohali,
Tier-II Mysore, Nagpur, Nashik, Panipat, Raipur, Sonepat, Surat,
Cities Trivandrum, Vadodara, Vijayawada, Visakhapatnam,

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 3
 Stronger consumer sentiments in
Overview CY 2022
of 2022 The calendar year of 2022 has recorded maximum
sales since the last 8 years, with total absorption
lower repo rates of 4% in the first half of 2022,
increasing the borrowing and lending capacity of
increased at 28% on Y-o-Y basis. These sales were commercial lenders because of lowered cost of
a result of multiple factors such as lower home credit, and the increase of liquidity in the financial
loan interest rates (around 6-7%) in leading banks, system.
Major activities influencing real-estate in India increased confidence of consumers on hard assets
compared to volatile assets post-COVID and

Upcoming investments beneficial

Changes in Repo Rate
for real-estate
The Repo rate since 2020, due to the worldwide in December 2022. Due to this, there is an In the recent Financial Budget 2023-24 properties as many high-net worth individuals
pandemic, had been at all time-low of 4%, due increase in the home loan lending rates, which announcement on 1st Feb, 2023, there has been (HNIs) purchased these properties after selling an
to which the lending capacity of banks and can have an adverse impact on home multiple takeaways for the real-estate industry in old property and take benefit under the capital
HFCs increased and housing interest rates were purchasing in the coming quarters. India. Firstly, government has proposed to gain tax, which now will no longer be available
low compared to previous years. This had increase the funds for PM Awas Yojna by 66%, above 10 crores. The government has also
encouraged home buyers to take loans on making it Rs. 79,000 crore. This will aim to boost proposed to invest heavily in transport
lowered rate of interest. The Reserve bank of up pace in affordable segment housing in India in infrastructure projects which will be beneficial for
India has increased Repo rate multiple times in the upcoming year. The government has also the real-estate markets across India, especially in
CY’22 from 4.4% in May 2022 to currently 6.25% proposed to cap capital gains on residential real- Tier-2 and Tier-3 cities by establishing Urban
estate investment under sections 54 and 54F to Infrastructure Development Funds (UIDFs).
10 crore. This is can impact the sale of ultra-luxury

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 4
 Pan-India Trends
Tier 01 Vs. Tier 02 Cities
Pareto-distribution
Supply-Absorption Dynamics in CY’22 Market Share of Absorbed Value (in %) in Real-Estate?
Tier 02 Tier 01 ~20%
500 Tier-02 Cities
90 100%

450 80 90%

4,53,414
The market share of

New Launches (in thousands)

400 Cities Tier New Launches % share 70
80%
residential real-estate in
Units (in thousands)

Thane Tier-1 81,849 16% 70%

350 Tier 01 cities is four 60
3,71,282

times the share of Tier- Pune Tier-1 69,525 13% 60%

300 02 cities in India. Hyderabad Tier-1 66,683 13%

50
~80% 50%
~80% Ahmedabad Tier-2 49,527 9%
40 supply share in top 9 cities
40%
250
Tier-01 Cities 30
Mumbai Tier-1 47,679 9% 30%
200 20
Bengaluru Tier-1 44,079 8%
Ready Projects Delay Statistics 20%
1,83,156

150 Navi Mumbai Tier-1 21,593 4% 10 10%

(Completed Projects in CY’22)
1,52,257

100 Vadodara Tier-2 18,878 4% 0

1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43
0%

Tier-01 Tier-02 Chennai Tier-1 15,868 3%

Pareto-distribution or Principle is used in various
50 Total Ready Projects (1,141) (765) Other Cities - 1,08,464 21% fields, to identify and analyse various social,
0 scientific, geophysical and business phenomena
1,015
On-track
New Launch Total Absorption
Projects 694 in society.
(Projects with no delay or
It can be clearly observed that the supply and delay of max 6 months) Pareto distribution is also observed in real-estate
absorption witnessed in Tier-01 cities is almost 2.5x market trends in the new launches share of the
Delayed
126
times compared to tier 02 cities. This disproportion is top 44 cities (Tier-1 & Tier-2), tracked by
due to employment opportunities, better infrastructure Projects 71 PropEquity. In CY’22 the market share of top 9
with better standard of living in tier-01 cities. (Projects with delay or
cities (20% of 44 cities) have witnessed about 80%
more than 6 months)
of new supply. Similar trends can also be
With government emphasising investment on Out of the projects that were promised to be identified and used in various business
infrastructure development, especially in Tier-2 and delivered in CY’22 in tier-1 cities, about 10% of the applications & analytics in real estate.
Tier-3 cities, the market is expected to grow further in projects were delayed, with an average delay of 8
the coming years. months.

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 5
Tier-I : Overview CY’22 (January ‘22 to December ‘22)

Market Indicators in CY’22 Market Indicators in Tier-01 Cities

Indicators 2019 2020 2021 2022 Y-o-Y

Supply-Absorption Dynamics (Since CY 2018) (in units) (Pre-COVID) (COVID) (Post-COVID) (Post-COVID) (in %)

New Launch Total Absorption Inventory Overhang (in months) New Launches 3,03,619 2,46,310 3,23,683 3,71,282 15%
500 35
32

450
30 COVID Year Total Absorption 3,26,791 2,77,663 3,54,121 4,53,414 28%
28 30
400
25 25 Unsold Stock 6,10,630 5,79,279 5,48,839 4,66,125 -15%
Units (in thousands)

25

Overhang (in months)

350 22

300 19 20

250

15
200 12

150 There is a significant increase in new launches and

10
total absorption in CY ’22 on Y-o-Y basis. With
100 absorption surpassing new launches over 22%
5 (highest in last 8 years) has resulted in a
50 consequential decline of the unsold stock as of
December ’22, with only 12 months of inventory left
0 0 in tier-1 cities. This trend indicates the focus of
2015 2016 2017 2018 2019 2020 2021 2022
developers across India was to clear out existing
CY 2022 has witnessed the highest launches and with only 12 months of inventory left in top tier-
inventory this year.
absorption in the last eight years, with 1 cities in India. This gap in inventory will
absorption crossing 4.5 lakhs of residential units encourage developers to launch new projects in
with only 3.7 lakhs new supply in the same the coming quarters to cater to the existing
period. Inventory overhang is at all-time low demand.

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 6
 Tier-I : Trends
City-wise Ranking basis key market indicators

81,549

68,949

64,683
New Launches in
City-wise Trends in CY’22

46,900

43,079
Number Of Units
Absorption Vs. Weighted Average Price (Absorbed) in CY ‘22

21,072

15,868

15,299

8,432
CY’22
25000
~20%
of total absorbed units
New Delhi
Thane Pune Hyderabad Mumbai Bengaluru Navi Chennai Delhi-NCR Kolkata
Mumbai
Mumbai

94,964
20000

90,853
Weighted Average Price (Absorption)

Total Absorption in

63,953

59,197
15000

51,390
~80%

Number Of Units
Gurugram
of total absorbed units in CY ‘22 are

32,789

27,508
witnessed in top 5 cities

17,921

14,839
10000

CY’22
Noida
Navi Mumbai Hyderabad
Chennai Bengaluru Thane
Kolkata Pune
Faridabad
5000 Pune Thane Hyderabad Bengaluru Mumbai Delhi-NCR Navi Chennai Kolkata
Greater Noida Mumbai
Ghaziabad

16
Inventory Overhang as

15
0

14
14
Inventory Overhang (in months)
0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000

13
13
12
Absorption (in units)

of December ‘22

10
Observing the city wise absorption vs. absorption New Delhi and Mumbai have the highest

8
price graph, it is noted that the majority of weighted average price (absorption) of 20,974 and
absorption in Tier-1 cities (about 80%) is seen in 19,112 INR/Sft respectively. This is due to the
top five cities with Pune and Thane having the launch of limited stock of luxury projects in New
maximum share (21% and 20% respectively), Delhi and the large variety of mid-ranged
followed by Hyderabad (14%), Bengaluru (13%) properties absorbed in Mumbai city in CY’22.
and Mumbai (11%). Pune Bengaluru Navi Thane Chennai Mumbai Kolkata Delhi-NCR Hyderabad
Mumbai

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 7
Pune Avg. Launch Price

5,749
Avg. Absorption Price

5,475
The weighted average price (absorption) have
increased slightly by 4% when compared to last
year.

The weighted price of new launch is higher than

10% 3% absorbed as a majority of new launches is of luxury
Y-o-Y Y-o-Y
Residential: Real-Estate Dynamics (CY’22) segment with even higher price per sft.

The city of Pune in CY’22 has seen the highest residential real-estate activity in the last five years in terms
of supply and absorption. Pune has always led as an affordable to mid-segment dominated market.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of affordable segment

(< 75 lacs) is largest in launch and
absorption in CY’22. Consumers
are more inclined towards
affordable segment housing.
Basis New Launches (in units)

Affordable
A 70%
M 15% Mid
L 15%
Luxury Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

69,149 94,964 08
(in months) Affordable
VTP Realty (VTP Group) 4,428 4.65 3,599 5,423 2,965

3% 21% Godrej Properties 2,992 3.14 2,484 5,666 1,763

Y-o-Y Y-o-Y A 78%
M 12% Mid
Pune witnessed maximum sales in 2022, it also has the lowest L 10%
Kohinoor Group (Pune) 2,363 2.48 2,541 5,052 1,487
Luxury
inventory overhang among Tier 1 cities with only 8 months. The
Vilas Javdekar Developers 2,217 2.33 1,613 5,691 1,406
absorption has witnessed a growth of 24% on Y-o-Y basis,
whereas the supply has witnessed only 11% growth on Majestique Landmarks 1,717 1.80 1,315 5,588 1,212
Y-o-Y basis.
< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr
Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 8
Affordable Mid Luxury
Thane Avg. Launch Price

6,534
Avg. Absorption Price

6,363
The weighted average price (absorption) have
increased slightly by 4% when compared to last
quarter.

The weighted price of new launches is higher than

10% 4%
Y-o-Y Y-o-Y absorbed as a majority of new launches is of luxury
Residential: Real-Estate Dynamics (CY’22) segment with even higher price.

MMR has witnessed the highest residential launches in CY’22. The contribution of Thane is 54% towards
the new supply in MMR. Majority of Thane has been an affordable to mid-segment market.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of affordable segment

(< 75 lacs) is largest in launch and
absorption in CY’22. Consumers are
more inclined towards affordable
segment housing.

Basis New Launches (in units)

Affordable
A 84%
M 8% Mid
L 9%
Luxury Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

81,549 90,853
46% 35%
13
(in months)
Lodha Group 6,037 6.64 6,696 7,336 3,963

Affordable Runwal Group 3,203 3.52 3,609 7,958 1,970

Y-o-Y Y-o-Y A 84%
Thane has witnessed all-time high new supply and absorption M 8% Mid Sunteck Developers 1,845 2.03 2,260 7,246 1,219
in CY’22. It has seen phenomenal demand in residential sector L 8%
Luxury
due to affordability and organised development by large Dosti Group 1,707 1.88 2,594 8,338 1,076
developers. Inventory overhang has fallen to an all-time low of
Godrej Properties 1,460 1.61 1,835 10,172 1,297
only 13 months in the city.

< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 9
Affordable Mid Luxury
Hyderabad Avg. Launch Price

6,949
Avg. Absorption Price

6,883
The weighted average price (absorption) have
witnessed a growth by 10% on Y-o-Y basis.

The weighted price of launch price is higher than

absorbed due to the launch of high-priced luxury
7% 10%
Y-o-Y Y-o-Y segment properties in CY’22.
Residential: Real-Estate Dynamics (CY’22)
The city of Hyderabad has gradually increased in absorption post COVID, with total absorption levels
being highest in last five years in CY’22, and new launches being highest in the last calendar year.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of Luxury segment

(>1.5 Crore) is largest in launch and
absorption in CY’22. Consumers
are more inclined towards Luxury
segment housing.

Basis New Launches (in units)

Affordable
A 33%
M 22% Mid
L 45% Luxury
Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

66,683 63,953
8% 33%
16
(in months)
Aparna Const. & Estates 4,789 7.48 4,685 7726 6,445

Affordable My Home Constructions 2,937 4.59 3,431 7311 3,871

Y-o-Y Y-o-Y A 36%
M 19% Mid
The significant increase in absorption of 33% on Y-o-Y basis, has L 44%
Alliance Group 1,845 2.88 856 5747 1,383
lead to a substantial decline in unsold stock resulting in the Luxury
inventory overhang coming down from 24 months to 16 months. Rajapushpa Properties 1,707 2.67 2,060 7057 2,468
The new supply has witnessed a marginal decline of 8% Ramky Estates 1,402 2.19 2,356 6751 1,479
compared to CY’21.
< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr
Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 10
Affordable Mid Luxury
Bengaluru Avg. Launch Price

6,463
Avg. Absorption Price

6,400
The weighted average price (absorption) have
witnessed a growth by 6% on Y-o-Y basis.

The weighted price of launch price is higher than

10% 6%
absorbed due to the launch of mid-luxury
Y-o-Y Y-o-Y segment properties in CY’22.
Residential: Real-Estate Dynamics (CY’22)
Bengaluru has witnessed highest absorption in CY’22 compared to last five years. The maximum absorption
is witnessed in eastern region of Bengaluru including Sarjapur, Whitefield and Electronic city.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of affordable segment is

largest (about 50%) in launch and
absorption in CY’22. The luxury
segment (>1.5 Cr.) has witnessed an
increase demand in CY’22.
Basis New Launches (in units)

Affordable
A 52%
M 18% Mid
L 29% Luxury
Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

44,079 59,197
50% 35%
10
(in months)
Prestige Group 6,981 11.80 4,664 6,829 6,603

Y-o-Y Y-o-Y
Affordable Brigade Group 3,134 5.30 2,704 5,932 2,161
A 56%
Mid
In CY’22, Bengaluru had witnessed 50% increase in new launches M 18%
Godrej Properties 2,656 4.49 3,117 6,296 1,656
L 25%
compared to CY’21. Whereas, absorption outweighs new launches by Luxury
34%, resulting in the decline of overhang to an all time low of 10 D S Max Properties 1,593 2.69 964 3,500 644
months. With investments made under the Bengaluru Mission 2022 to
Sobha Limited 1,456 2.46 1,734 8,113 1,634
improve public infrastructure, supply is expected increase further.

< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 11
Affordable Mid Luxury
Mumbai Avg. Launch Price

17,922
Avg. Absorption Price

19,092
The weighted average price (absorption) have
marginally increased by 2% as compared to last year.

There are multiple reason for sustained rise in the

price of residential properties in Mumbai. Demand
3% 2% due to constant influx of people in the city & scarcity
Y-o-Y Y-o-Y
Residential: Real-Estate Dynamics (CY’22) of vacant land parcels for green field development.

Mumbai has witnessed the highest residential real-estate activity in CY’22 compared to the last five years.
The demand has outweighed new launches in the last five years.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of Mid segment (1-2 Cr.)

is largest in launch and absorption
in CY’22. Majority of consumers are
more inclined towards Mid-luxury
segment housing in Mumbai.
Basis New Launches (in units)

Affordable
A 28%
M 45% Mid
L 26%
Luxury Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

46,900 51,390
26% 37%
14
(in months) Affordable
Runwal Group 2,014 3.91 1,885 15,906 3,245

Lodha Group 1,324 2.57 1,552 24,055 5,231

Y-o-Y Y-o-Y A 27%
M 45% Mid
The absorption in Mumbai has witnessed a growth of 37% on Y-o- Prestige Group 1,022 1.98 1,226 17,055 2,609
L 28%
Y basis and the supply has witnessed 26% growth on Y-o-Y basis. Luxury
In CY’22 absorption is at all-time high with 51,390 units. With Shraddha Landmark 999 1.94 783 11,895 701
maximum absorption witnessed in Western suburban region of Transcon Developers 835 1.62 443 18,021 1,416
Mumbai city.

< 1 Cr 1 to 2 Cr > 2 Cr
Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 12
Affordable Mid Luxury
Navi Mumbai Avg. Launch Price

7,147
Avg. Absorption Price

6,739
The weighted average price (absorption) have
increased slightly by 8% when compared to last
year.

2% 8% Navi Mumbai is dominate by Affordable & Mid

Y-o-Y Y-o-Y Segment supply with greater launch price variation.
Residential: Real-Estate Dynamics (CY’22)
Navi Mumbai in CY’22 has seen 66% rise in residential supply as compared to CY‘21. Real Estate demand
in the city has been dominated by affordable segment housing (about 80%) in CY’22.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of affordable segment

(<75 lacs) is largest in launch and
absorption in CY’22. Consumers are
more inclined towards affordable
segment housing.
Basis New Launches (in units)

Affordable
A 74%
M 9% Mid
L 16%
Luxury Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

21,072 27,508
51% 32%
12
(in months) Affordable
Arihant Superstructures
Paradise Group Builders &
1,486 5.40 933 5,940 816

Y-o-Y Y-o-Y A 80% 1,227 4.46 1,220 6,062 765

Developers
M 9%
In CY’22, Navi Mumbai absorption outweighs new launches by Mid
Today Global Group 520 1.89 909 6,491 259
31%, resulting in the decline of overhang to an all time low of L 11%
Luxury
12 months. Arihant Superstructures and Paradise Group have Satyam Developers 484 1.76 351 8,405 353
combined market share of about 10% of the total absorption in
Raheja Universal 421 1.53 266 14,079 570
CY’22.

< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 13
Affordable Mid Luxury
Delhi-NCR Avg. Launch Price

10,958
Avg. Absorption Price

9,512
The weighted average price (absorption) have
witnessed a significant increase of 33% on Y-o-Y basis.

Even though the developers are launching new

projects at higher pricing, there is significant demand
64% 33% and healthy absorption of these projects (approx. 48%
Y-o-Y Y-o-Y
of luxury segment) is observed in CY’22.
Residential: Real-Estate Dynamics (CY’22)
Delhi-NCR includes the cities of New Delhi, Gurugram, Faridabad, Noida, Greater Noida and Ghaziabad.
Gurugram has achieved maximum share in new launches (62%) followed by Greater Noida (19%) in CY’22.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of luxury segment in

Delhi-NCR is largest in launch and
absorption in CY’22. This trend is
expected to continue with multiple
luxury projects proposed to launch
in CY’23, especially in Gurugram.
Basis New Launches (in units)

Affordable
A 17%
M 13% Mid
L 70% Luxury
Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales

New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) Value (in Cr.)

15,699 32,789
28% 19%
15
(in months)
Signature Global (Gurugram) 1,911 5.83 3,936 6984 1,495

Affordable M3M India (Gurugram) 1,636 4.99 1,760 12250 3,557

Y-o-Y Y-o-Y A 39%
M 13% Mid
With total absorption being almost 2x times the new launches in DLF Limited (Gurugram) 1,221 3.72 1,597 18812 6,304
L 48%
CY’22, the inventory overhang has dropped significantly to Luxury Smartworld Developers
960 2.93 800 12490 1,699
only 15 months. This indicates an increasing demand post (Gurugram)
COVID, which paves the way for new launches in the coming Godrej Properties
801 2.44 691 8281 2,138
year. (Gurugram)

< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 14
Affordable Mid Luxury
Chennai Avg. Launch Price

6,381
Avg. Absorption Price

6,816
The weighted average price (absorption) have
witnessed a growth by 16% on Y-o-Y basis.

The weighted price of launch price is lower than

10% 15%
absorbed due to the launch of lower priced
Y-o-Y Y-o-Y affordable segment properties in CY’22.
Annual: Real-Estate Dynamics (CY’22)
Chennai city has witnessed a high share of affordable supply (72%) in CY’22 with maximum new
launches in Padur, Mogappair and Medavakkam (majorly in OMR and Northwest region).

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of affordable segment

(<75 lacs) is largest in launch and
absorption in CY’22. Least demand
is observed in mid-segment (75 lacs
to 1.5 Cr) units in CY’22.

Basis New Launches (in units)

Affordable
A 72%
M 9% Mid
L 19% Luxury
Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

15,868 17,921
27% 7%
13
(in months)
Alliance Group 1,704 9.44 3,119 5,183 709

Y-o-Y Y-o-Y
Affordable Casagrand Builder 1,391 7.71 2,277 5,870 1,381
A 64%
M 13% Mid
Shriram Properties 684 3.79 477 5,089 405
Chennai has witnessed an increase of 27% in new launches on L 23%
Luxury
Y-o-Y basis. It is one of the few cities which has not witnessed a Baashyaam Constructions 595 3.30 240 11,297 1,149
significant increase in supply and absorption post-COVID,
compared to other tier-1 cities. TVS Emerald Haven Realty 557 3.09 152 6,677 508

< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr

Page 15
Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Affordable Mid Luxury
Kolkata Avg. Launch Price

6,071
Avg. Absorption Price

5,864
The weighted average price (absorption) have
witnessed a significant increase of 13% on Y-o-Y basis.

The weighted average price (new launches) has

12% 13%
Y-o-Y Y-o-Y increased 12% compared to the same period last year.
Annual: Real-Estate Dynamics (CY’22)
Kolkata market has seen lowered new launches post-COVID period compared to pre-COVID trends. The
city is witnessing a gradual increase in total absorption levels post-COVID.

Supply-Absorption Dynamics (CY’18 to CY’22) Segment-Wise Share in CY’22 Weighted Average Price Trend (CY’18 to CY’22)

The share of affordable segment

(<75 lacs) is largest in launch and
absorption in CY’22. Consumers
are more inclined towards
affordable segment housing.

Basis New Launches (in units)

Affordable
A 70%
Mid
M 13%
L 16% Luxury
Top Developers in CY’22 (basis Absorption)

Absorption Market New Launches Wt. Avg. Price Est. Sales Value
New launches Total Absorption Inventory Overhang Basis Absorption (in units) Developers
(in units) Share (in %) (in units) (Absorbed) (in Crores)

8,683 14,839
8% 5%
15
(in months)
Merlin Group 1,206 8.07 2,641 6701 750

Y-o-Y Y-o-Y
Affordable Godrej Properties 795 5.32 939 5033 415
A 79%
M 7% Mid
In Kolkata, the supply and absorption in CY’22 are the lowest Srijan Realty 698 4.67 63 5105 526
L 14%
compared to other Tier-1 cities. It has witnessed a 8% decline in Luxury
new launches on Y-o-Y basis. The total absorption being almost PS Group 661 4.42 629 9070 1,028
1.7x times the new launches in CY’22, the inventory overhang has
Shriram Properties 610 4.08 - 3807 178
dropped significantly to an all-time low of 15 months.

< 0.75 Cr 0.75 to 1.5 Cr > 1.5 Cr

Real Estate Outlook | India's Residential Market in 2022 (Jan ‘22-Dec ‘22) Page 16
Affordable Mid Luxury
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