Residential sales between January-June touched a 15-year-high: JLL report
- IBEF
- July 11, 2023
In the first half of 2023, housing sales in India reached a 15-year high of 126,587 units, according to the data released by the real estate firm JLL on July 10, 2023. This is a 21% increase over the same time previous year.
JLL claims that a stable job environment and a resilient domestic economy are the main factors driving sales. Over 62,000 residences were sold during each quarter, with one quarter concluding on March 31, 2023 and the other on June 30, 2023. The second quarter witnessed sales of over 64,500 units, representing a significant 4% quarter-on-quarter growth.
Furthermore, JLL claimed that 2023 is set to be a ‘record-breaking’ period for the residential market in India.
Bengaluru had the highest number of residential sales, with 26,625 units sold. This was followed by 26,188 units in Mumbai and 25,201 units in Pune. Hyderabad and Pune, which had witnessed an increase in sales of 69% and 50%, respectively, in the first half of 2023, were the key drivers of the jump. Hyderabad saw a significant increase in the number of houses sold, going from 9,449 units in the first half of 2022 to 15,925 units in 2023. Sales increased from 16,802 units to 25,201 units in Pune. Moreover, another city where sales increased significantly was Chennai, this time by 47%, from 4,968 to 7,319 units.
Notably, the older inventory that was released before 2018 and is almost finished is also seeing traction. Projects that were launched before 2018 contributed almost 12% of the revenues in the first half of 2023.
In the first six months, 30,125 units of houses priced between US$ 60,515.9-90.773.85 (Rs. 50-75 lakh) had the greatest sales. It was followed by 26,011 houses costing more than US$ 181,547.7 (Rs. 1.5 crore) and 24,482 homes costing less than US$ 60,515.9 (Rs. 50 lakh). In addition, the homes priced between US$ 121,031.8- 181,547.7 (Rs. 1-1.5 crore) saw the largest increase in sales, at 67%.
Mr. Mohit Jain, Managing Director, Krisumi Corporation stated,” In recent years, the luxury real estate market in India has undergone a remarkable transformation. The top residential markets in the country have consistently performed well, with sales witnessing an upward trend in the past few quarters. This growth can be attributed to the robust demand across all price brackets, particularly in the mid and premium housing segments.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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