Thursday, July 25, 2024

Housing Sales Surge 31% to Reach 4.76 Lakh Units in 2023 Despite Property Price and Loan Interest Increases

In a surprising turn of events, housing sales in the top seven cities of India reached a peak of 4.76 lakh units in 2023, marking a remarkable 31 percent year-on-year increase. The Mumbai Metropolitan Region (MMR) led the surge with approximately 1,53,870 units sold, followed closely by Pune, where 86,680 flats found buyers, as per data from ANAROCK, a real estate consultancy firm.

The top seven cities included MMR, Delhi-NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune.

“Approximately 4,76,530 units were sold in 2023, against 3,64,870 units in 2022 across the top seven cities. The last peak was seen in 2022, after 2014, when around 3.43 lakh units were sold across these cities,” reported ANAROCK.

Anuj Puri, Chairman of ANAROCK Group, expressed confidence that demand would remain strong in 2024, despite an expected 8 to 10 percent increase in average prices across these cities.

Luxury housing witnessed significant demand, with new luxury supply across the top seven cities increasing fivefold compared to 2018. Mumbai recorded a 40 percent annual increase in sales, while Pune saw a remarkable 52 percent spike over 2022. The National Capital Region (NCR) experienced a 3 percent growth, with approximately 65,625 units sold.

Bengaluru witnessed the sale of 63,980 units in 2023, marking a 29 percent annual increase, and Hyderabad recorded sales of 61,715 units, a substantial 30 percent increase. Kolkata saw sales of 23,030 units, reflecting a 9 percent increase, while 21,630 units were sold in Chennai, representing a notable 34 percent jump.

In terms of new launches, around 4,45,770 units were introduced in the top seven cities in 2023, reflecting a 25 percent increase compared to 2022. MMR and Pune dominated new launches, constituting nearly 54 percent of the total.

NCR experienced a 45 percent rise in new launches in 2023, with over 51 percent falling in the Rs 40 lakh to Rs 2.5 crore range.

Despite strong new housing supply, available inventory decreased by 5 percent at the end of 2023, with nearly 6 lakh units currently available for sale across the top seven cities. NCR witnessed the highest decline, with a 23 percent reduction in unsold stock from end-2022 to around 94,800 units by the end of 2023.

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