 "Real estate")
Even though the monsoon season usually witnesses a slower market momentum, housing sales in India touched an all-time high of over 1.20 lakh units in the third quarter of 2023.
Data from property consulting firm Anarock shows that the third quarter saw housing sales across the top 7 cities create another new peak with approx. 1,20,280 units sold, against 88,230 units in Q3 2022. This denotes a staggering 36% annual sales growth.
In the wake of rising input costs and the significant sales growth, average residential property prices across the top 7 cities collectively registered double-digit yearly growth of 11% - from Rs 6,105 per sq. ft. in Q3 2022 to around Rs 6,800 per sq. ft. in Q3 2023.
Among the top 7 cities of Mumbai, Delhi NCR, Pune, Hyderabad, Kolkata, Bangalore, Chennai, it was Hyderabad that witnessed the highest (18%) jump in average prices. On a quarterly basis, prices jumped by 5 per cent across the top 7 cities.
Mumbai Metropolitan Region ( MMR) accounted for the highest sales with 38,500 units, followed by Pune with 22,880 units. Together the two western cities accounted for 51% of total sales in Q3 2023.
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In terms of growth, MMR saw a 46% annual rise in housing sales, while Pune saw a massive 63% yearly jump
In terms of budget segments, the mid-range segment (homes priced between Rs 40–80 lakh) continued to dominate with a 28% share of the total new supply in Q3 2023. The luxury segment (homes priced >Rs 1.5 crore) and premium segment (Rs 80 lakh – Rs 1.5 crore) were close behind with a 27 per cent share each.
NCR saw just 15,865 units sold in Q3 2023, a marginal decline of 4% over the last quarter, but rising by 6% annually.
Pune saw approx. 22,885 units sold in Q3 2023, an increase of 11% over Q2 2023.
Bengaluru saw 16,395 units sold in Q3 2023, a quarterly increase of 9%, and a 29% rise annually.
Hyderabad recorded 16,375 units sold in Q3 2023, an increase of 21% over Q2 2023 and a 41% increase over Q3 2022
Kolkata saw 5,320 units sold in Q3 2023, declining by 8% over the previous quarter but a 7% increase over the corresponding quarter in 2022.
Chennai saw 4,940 units sold in Q3 2023, a decrease of 10% over Q2 2023 but a good 41% annual increase.
The top 7 cities saw approximately 1,16,220 new units launched in Q3 2023, against 93,490 units in Q3 2022 - an increase of 24% over the previous year.
On a quarterly basis, there was a 13% jump. In Q2 2023, approx. 1,02,610 units were launched across the top 7 cities.
Despite new supply in the quarter, available inventory across the top 7 cities collectively declined by 1% on a quarterly basis and stands at approx. 6,10,200 units as on Q3 2023-end. On an annual basis, available inventory declined by 3% in Q3 2023 across the top 7 cities.
