In a groundbreaking development, the Indian residential sector has not only bounced back but has also exceeded all previous records in 2023, with housing sales scaling new heights quarter-on-quarter.
The surge in sales momentum has propelled the overall sales value of residential inventory to unprecedented levels. Even before the collation of Q4 2023 sales figures, an ANAROCK researcher has forecasted substantial growth.
The robust sales trend indicates that the cumulative value of homes sold in 2023 is poised to surpass the remarkable milestone of Rs 4.5 lakh crore. This represents a staggering 38 percent increase from the total sales value in the entire year of 2022, which amounted to Rs 3.27 lakh crore.
In the initial nine months of 2023 alone, the total residential property sales value has already outpaced the entire previous year by 7 percent. The top 7 cities witnessed the sale of inventories worth approximately Rs 3,48,776 crore in this period, compared to the entire year of 2022, which recorded sales of around Rs 3,26,877 crore.
From January to September 2023, approximately 3.49 lakh units were sold in the top 7 cities, slightly below the approximately 3.65 lakh units sold in the entirety of 2022.
Top Performers:
- Mumbai:
- Inventory worth approximately Rs 1,63,924 crore (around 1,11,280 units) was sold in the first nine months of 2023.
- NCR:
- The region followed closely with an approximate cumulative sales value of Rs 50,188 crore (approximately 49,475 units) during this period.
- Bengaluru:
- Approximately Rs 38,517 crore (approximately 47,100 units) worth of homes were sold in the first nine months of 2023.
- Hyderabad:
- In this period, around 44,220 units worth approximately Rs 35,802 crore were sold.
- Pune:
- Approximately 63,480 units worth approximately Rs 39,945 were sold till September 2023, indicating increased traction in budget housing.
- Chennai:
- Witnessed the sale of approximately 16,310 units worth around Rs 11,374 in the first nine months of 2023.
- Kolkata:
- Recorded the lowest overall value of housing inventory at approximately Rs 9,025 crore, with 17,280 units sold in the period, emphasizing higher sales of affordable homes.
Anuj Puri, Chairman of the ANAROCK Group, commented, “The surpassing of housing sales value in 9M 2023 compared to the entirety of 2022 reflects the heightened demand for premium luxury homes this year. Coupled with an 8 to 18% rise in average prices in the top cities, making an apple-to-apple comparison of annual sales values challenging.”
