Indian Economy News

Mumbai region witnesses 40% rise in housing sales; Over 4 lakh homes completed in top-7 cities in 2023.

  • IBEF
  • February 20, 2024

The Mumbai Metropolitan Region (MMR) experienced a significant increase in housing sales and completions in 2023 despite high interest rates and property prices. The top 7 Indian real estate markets saw a 31% rise in housing sales, with MMR witnessing a 40% surge. Anarock Research reported 1,53,870 houses sold in MMR in 2023. Anuj Puri from Anarock Group highlighted the record completion of over 4.35 lakh homes in the top 7 cities in 2023 and projected 5.31 lakh units to be completed in 2024. Housing sales peaked in 2023, with around 4,76,530 units sold across the top 7 cities, a 31% increase from the previous year. Housing prices rose 10-24% annually across these cities, driven by increased input costs and strong demand. The demand for luxury housing is rising, with a significant increase in luxury supply expected in 2024. MMR led in housing completions, with 1,43,500 units completed in 2023. NCR followed with 1,14,280 units completed. Pune, Bengaluru, Hyderabad, and Chennai collectively saw 87,190 units completed in 2023. In Kolkata, 25,075 houses were completed last year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.