Housing sales value to top 38%, cross Rs. 4.5 trillion (US$ 53.99 billion) in 2023
- IBEF
- December 15, 2023
A recent report indicates a substantial uptick in the Indian residential real estate market, with projected home sales amounting to Rs. 4.5 trillion (US$ 53.99 billion) by the year-end, marking a notable 38% increase from the Rs. 3.27 trillion (US$ 39.23 billion) recorded in 2022. According to findings by the Anarock Group, the residential sector outperformed business records in 2023, witnessing quarter-on-quarter growth in housing sales. In the first nine months of 2023, total residential property sales increased by 7%, surpassing the entire sales value of the previous year. Particularly noteworthy is the Rs. 3,48,776 crore (US$ 41.86 billion) worth of inventory sold in the top seven cities during this period, exceeding the US$ 39.22 billion worth of inventory sold throughout the preceding year.
Chairman of Anarock Group, Mr. Anuj Puri, commented on the notable surge in housing sales value, attributing it to increased demand for premium luxury homes in the current year. He highlighted the challenge of comparing annual sales values directly, given the simultaneous rise in average prices in top cities ranging from 8% to 18% this year.
Between January and September 2023, approximately 349,000 units were sold across seven key Indian cities, slightly decreasing from 365,000 units in 2022. Anarock covered Delhi-NCR, Mumbai Metro Region (MMR), Bengaluru, Hyderabad, Pune, Chennai, and Kolkata. A year-on-year comparison for the first nine months of 2022 and 2023 reveals a significant 44% increase in the total sales value of homes in these cities. MMR led with about Rs. 1,63,924 crore (US$ 22.86 billion) worth of inventory (approximately 111,280 units) sold in the first nine months of 2023, showing a notable 41% yearly gain. Delhi-NCR followed closely, reporting a cumulative sales value of around Rs. 50,188 crore (US$ 6.75 billion) (approximately 49,475 units) in the same period, reflecting a significant 29% jump. Hyderabad sold 44,220 units valued at about Rs. 35,802 crore (US$ 4.29 billion) between January and September 2023, compared to around Rs 25,001 crore (US$ 3 billion) in the corresponding period of 2022. Chennai saw a 45% surge in overall housing sales values, from around Rs. 7,825 crore (US$ 939.0 million) in the first nine months of 2022, with approximately 16,310 units sold.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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