Sales of residential flats up 20% across 7 cities in January-March

Real estate consultant JLL India on Wednesday said sales of apartments in January-March across seven major cities rose 20 per cent to 62,040 units, the highest quarterly sales in the last 15 years.

The data includes sales of only apartments. Rowhouses, villas and plotted developments are excluded from this analysis.

"The Indian residential market saw significant growth in Q1 2023 due to a combination of factors, such as government policies, infrastructure growth and robust launches," the company said in a statement.

Across the top 7 cities of India, sales of residential units in January-March went up by 15 per cent compared to the previous quarter and 20 per cent against the same quarter last year, with over 62,000 units sold.

"This marks the highest quarterly sales in the last 15 years, indicating increased consumer confidence," JLL said.

Bengaluru is currently leading the market in terms of quarterly sales, with a 21 per cent share, closely followed by Mumbai with a 20.9 per cent share.

Pune is not far behind as it contributed 19.4 per cent of the quarterly sales.

Delhi-NCR has also posted impressive sales numbers, primarily due to the robust launches by established developers, particularly in Gurugram.

The consultant noted that ten months ago, it was easier for people to afford homes.

"But now, things are harder because interest rates for loans have gone up, and residential prices in India's top seven cities have increased by 4-12 per cent compared to last year.

"The rise in prices is seen across the spectrum of projects that have high demand and less ready-to-move inventory. Even new phases of existing housing projects are being launched at higher prices," the statement said.