Housing sales across the top seven cities i.e., Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune touched approximately 1,20,280 units in July-September 2023, registering a growth of 36% year-on-year, according to a recent report by a real estate company.
Among the top seven cities, MMR recorded the highest housing sales of approx.38,500 units, followed by Pune with approx. 22,880 units, cumulatively, the two western cities accounted for 51% of total sales seen across the top 7 cities in Q3 2023. In terms of growth, MMR saw a 46% annual rise in housing sales, while Pune saw a massive 63% yearly jump. The top seven cities also witnessed new supply with over 1,16,220 units added in the quarter – a 24% annual supply increase.
Average residential prices in the top seven cities collectively saw a double-digit increase of 11% in Q3 2023 against Q3 2022. At 18%, Hyderabad witnessed the highest yearly average residential price, followed by Bengaluru with a 14% annual rise all attributable to increase in base material costs.
City-wise, MMR also topped in new supply with approx. 36,250 units added in Q3 2023 – a modest 1% annual growth. Hyderabad, on the other hand, saw a 60% yearly rise in supply with approx. 24,900units added in this period. 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 1.5crore) and premium segment (Rs 80 lakh – Rs 1.5 crore) were close behind with a 27% share each.
Considering the overall present economic scenario, the momentum in housing sales and new launches across the top 7 cities is expected to continue in the October-December quarter. Hyderabad added approx. 24,900 units in Q3 2023 compared to 15,530units in Q3 2022 – a yearly rise of 60%. On a quarterly basis, there was138% increase in new launches in the city. Bengaluru added approx. 14,840 units in Q3 2023, a quarterly increase of30% and a 7% annual jump. Approx. 87% of the new supply was added in the mid and upper mid-segment (Rs 40 lakh – Rs 1.5 crore). Kolkata added approx. 3,300 units in Q3 2023, increasing by 34% over the previous quarter Q2 2023, but a 27% annual decline. Approx. 66% of the new supply was added in sub-Rs 80 lakh budget segment.
Source: realty.economictimes.indiatimes.com