In a surprising turn of events, housing sales in India surged by 31% in 2023, reaching an unprecedented 4.77 lakh units across seven major cities, marking an all-time high, according to data released by real estate consultant Anarock. This growth comes despite an average 15% appreciation in housing prices and an increase in mortgage rates.
Anarock Chairman Anuj Puri described 2023 as a phenomenal year for the Indian housing sector, surpassing expectations amid global uncertainties, escalating domestic property prices, and interest rate hikes in the first half of the year. The top 7 cities witnessed a remarkable increase in housing sales, surpassing the previous high of 2022, while new launches remained in sync with the heightened housing demand.
Mumbai Metropolitan Region (MMR) emerged as the leader in housing sales, experiencing a remarkable 40% increase to 1,53,870 units this year. Pune followed closely with a 52% surge in housing sales, reaching 86,680 units. In Delhi-NCR, sales grew by 3% to 65,625 units, while Bengaluru saw a 29% increase to 63,980 units. Hyderabad and Kolkata recorded sales growth of 30% and 9%, respectively, while Chennai experienced a substantial 34% surge in housing sales.
Anarock’s data also highlighted a 25% rise in new launches across the top seven cities, totaling 4,45,770 units in 2023. The MMR market led in new supply, with a 27% increase to 1,57,700 units. Housing prices, on average, appreciated by 15% to Rs 7,080 per sq ft from Rs 6,150 per sq ft last year, driven by increased input costs and robust demand. Hyderabad witnessed the highest yearly jump of 24% in average residential prices.
This robust performance in the real estate sector indicates resilience and sustained demand, defying anticipated challenges and contributing positively to India’s economic landscape.
