Housing market 2023 sales performance likely to be at 15-year best: Report
- IBEF
- December 26, 2023
India's residential real estate sector is poised for a historic year, with an anticipated record-high sales volume of approximately 260,000 units in 2023, marking the most significant performance since 2008, according to a study by JLL India. The sector has sustained robust growth, with residential sales in the first nine months of 2023 reaching 196,227 units, equivalent to 91% of total sales in 2022. Notably, the average quarterly sales surpassed 65,000 units until the third quarter of 2023. The momentum is expected to persist into 2024, projecting residential sales between 290,000 to 300,000 units, driven by strong demand and quality launches.
During the initial nine months of 2023, launches achieved a milestone of 223,905 units, reflecting a healthy year-on-year growth of 21.5%. Projections indicate that by the end of 2023, launches are poised to reach approximately 280,000 units. The forward-looking supply pipeline from reputable developers suggests that launches will continue to demonstrate strength in 2024, with estimates ranging between 280,000 to 290,000 units.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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