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Homes worth Rs 4.5 trillion worth would have been sold in India when the year ends in December, up 38 per cent from 2022 when the number was Rs 3.27 trillion, said a report on Thursday.
The Indian residential sector beat business records in 2023 as housing sales increased quarter-on-quarter, according to a report by real estate consultancy Anarock Group.
In the first nine months of 2023, total residential property sales increased 7 per cent in value than the whole of last year and inventory worth Rs 3,48,776 crore was sold in top seven cities. The whole of last year saw about Rs 3,26,877 crore worth of inventory sold.
“The fact that the housing sales value in nine months of 2023 exceeded that of the whole of 2022 reflects the increased demand for premium luxury homes this year. This, along with the fact that average prices in the top cities rose by anywhere between 8-18 per cent this year, makes an apple-to-apple comparison of annual sales values challenging,” said Anuj Puri, chairman of Anarock Group.
About 349,000 units were sold in the seven cities between January and September 2023, compared to nearly 365,000 units in 2022. Anarock covered these seven cities: Delhi-NCR, Mumbai Metro Region (MMR), Bengaluru, Hyderabad, Pune, Chennai, and Kolkata. Comparing the first nine months of 2022 and 2023 shows a 44 per cent jump in total sales value of homes sold in the 7 cities.
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MMR topped the list with about Rs 1,63,924 crore worth of inventory (approx. 111,280 units) sold in the first nine months of 2023. The city saw a yearly gain of 41 per cent, against approx. Rs 1,16,242 crore in the nine months of 2022. Delhi-NCR follows with approx. cumulative sales value of Rs 50,188 crore (approx. 49,475 units) sold in the first nine months of 2023, jumping 29 per cent.
Hyderabad, between January and September 2023, sold 44,220 units worth about Rs 35,802 crore compared to a sales value of Rs 25,001 crore in the same period in 2022.
Chennai saw a 45 per cent jump in the overall housing sales values in the period – from approx. Rs 7,825 crore in the nine months of 2022. The city witnessed approx. 16,310 units in sales. Bengaluru saw homes worth approx. Rs 38,517 crore (approx. 47,100 units) sold in the nine months of 2023 compared to nearly 27,045 crore sales in the same period last year, up 42 per cent.
Pune saw 63,480 units worth Rs 39,945 sold till September 2023, indicating higher traction of budget housing in the city, recording the highest yearly jump of 96 per cent. Kolkata reported the lowest overall value of about Rs 9,025 crore of housing in the nine months of 2023.
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“India's housing market in 2023 was a relentless juggernaut, shattering records with each quarter. But the win goes beyond mere sales numbers. The total value of homes finding buyers also inched upwards, painting a picture of a market on fire. While Q4 2023's numbers are still in the waiting room, the momentum is already undeniable,” said Puri.
