October 4th, 2023
Housing unit sales in India's seven major cities, including Mumbai, Delhi-NCR, Bengaluru, Pune, Hyderabad, Chennai, and Kolkata, witnessed an extraordinary surge of 36% in the third quarter of 2023, as per a report by real estate consultancy group Anarock. This surge amounted to a total of 1,20,280 housing units sold, a significant increase from the 88,230 units sold in the same period the previous year.
Mumbai Region Leads the Pack
Mumbai Metropolitan Region (MMR) emerged as the leader, experiencing a 46% rise in housing sales, totalling approximately 38,500 units in the July-September period. Pune followed closely, with a remarkable 63% surge, accounting for 22,885 units sold.
New Supply Sees Substantial Growth
The top seven cities saw a 24% increase in new housing units launched in Q3 2023, compared to the previous year, totalling around 1,16,220 new units. MMR led in new supply, adding about 36,250 units, marking a modest 1% annual growth.
Budget Segments Dominate New Supply
The mid-range segment, with homes priced between Rs 40–80 lakh, continued to dominate new supply, constituting 28% of the total. The luxury segment (above Rs 1.5 crore) and premium segment (Rs 80 lakh to Rs 1.5 crore) closely followed, each accounting for 27% of the new supply.
Price Growth Trends
Average residential prices in the top seven cities collectively witnessed a double-digit growth of 11% YoY in Q3 2023. Hyderabad experienced the highest yearly average residential price growth at 18%, followed by Bengaluru with a 14% rise.
With the continued momentum in housing sales, attributed in part to the stable repo rate maintained by the RBI, experts anticipate this trend to persist into the October-December quarter. Leading developers are set to launch a series of new projects across the top seven cities, indicating a positive trajectory for the real estate market.
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