A recent report by real estate consultancy Anarock Group reveals that the value of housing sales in India is expected to reach over Rs 4.5 trillion by the end of December 2023, marking a substantial 38% increase from the previous year’s figure of Rs 3.27 trillion.
The Indian residential sector has experienced significant growth throughout 2023, surpassing previous records in terms of quarter-on-quarter housing sales, according to the report.
In the initial nine months of 2023, the total value of residential property sales witnessed a remarkable 7% increase compared to the entire preceding year. The cumulative inventory sold in the top seven cities amounted to Rs 3,48,776 crore during this period, exceeding the total sales of approximately Rs 3,26,877 crore for the entirety of the previous year.
Anuj Puri, Chairman of Anarock Group, stated, “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.”
Between January and September 2023, around 349,000 units were sold in the seven major cities, compared to nearly 365,000 units in 2022. The cities covered in the report include Delhi-NCR, Mumbai Metro Region (MMR), Bengaluru, Hyderabad, Pune, Chennai, and Kolkata. A year-on-year analysis for the first nine months of 2022 and 2023 reveals a substantial 44% increase in the total sales value of homes across these cities.
MMR led the list, with approximately Rs 1,63,924 crore worth of inventory (approximately 111,280 units) sold in the initial nine months of 2023, showing a yearly gain of 41%. Delhi-NCR followed closely, with an approximate cumulative sales value of Rs 50,188 crore (approximately 49,475 units), experiencing a 29% jump.
Hyderabad recorded the sale of 44,220 units worth about Rs 35,802 crore between January and September 2023, compared to a sales value of Rs 25,001 crore during the same period in 2022. Chennai witnessed a 45% increase in overall housing sales values during this period, reaching approximately Rs 7,825 crore, with around 16,310 units sold.
Bengaluru saw homes worth approximately Rs 38,517 crore (approximately 47,100 units) sold in the initial nine months of 2023, up by 42% from the nearly Rs 27,045 crore sales in the same period last year.
Pune experienced the highest yearly jump, with 63,480 units worth Rs 39,945 crore sold by September 2023, indicating a growing interest in budget housing. Kolkata reported the lowest overall value, with about Rs 9,025 crore of housing sales in the first nine months of 2023.
Anuj Puri emphasized, “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.”
