Mumbai, Pune to push housing sales to all-time high this quarter: Anarock

The housing sales in the top seven cities in India, in the quarter that will end on June 30, will touch an all-time high of 115,100 units, property consultancy Anarock said on Wednesday. Despite higher home loan rates and global headwinds, this will be 36 per cent higher than 84,940 units sold in the same quarter last year.

Anarock has factored in the average sales velocity in these cities to arrive at the quarterly number.

The sales were pushed higher by Mumbai Metropolitan Region (MMR) and Pune as these were the only two cities that will see a rise in housing sales as compared to the previous quarter.

According to the data released by Anarock, a total of 38,090 units will be sold in MMR, 10 per cent higher than 34,690 units last year. With a sale of 20,680 units, Pune is expected to see a 4 per cent rise in total sales as compared to 19,920 units last year.

Together Pune and MMR account for 51 per cent of the total housing sales in the top seven cities.

All other cities, National Capital Region (NCR), Bengaluru, Hyderabad, Chennai and Kolkata, are expected to see a quarter-on-quarter (QoQ) fall in sales.

Earlier, the peak was reached in the quarter that ended on March 31 this year with a sale of 113,780 units.

"The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of the calender year 2023," said Anuj Puri, chairman of Anarock Group.

The data further showed that on a year-on-year (YoY) basis, all the cities would see a jump in sales, the highest (65 per cent) being in Pune. It will be followed by a 48 per cent rise in MMR and 44 per cent in Chennai. NCR will be the only city to see single-digit growth in sales at 7 per cent.

On inflation, Anarock's data showed that the average property prices across the top 7 cities would increase in the range of 6 to 10 per cent in the June quarter compared to the same quarter last year.

This is "mainly due to increase in the prices of construction raw materials and overall rise in demand".

The highest jump in housing prices, at 10 per cent, was seen in Hyderabad. The price in the city stands at Rs 4,980 per square foot.

The data also saw a sharp 25 per cent jump in the supply of houses in these seven cities. The new launches in the quarter are expected to be around 102,610 units when compared to 82,150 in the quarter that ended on June 30, 2022.

The supply, too, will be led by MMR and Pune, which will account for 63 per cent of the new launches in the quarter.