As the demand for residential units continues to rise, housing sales in 2023 are poised to exceed the Rs 4.5 lakh crore mark, a significant increase from Rs 3.27 lakh crore recorded last year, according to a report by ANAROCK, a leading property consultant firm.
7% increase from 2022 in first 9 months
In the first nine months of 2023, housing sales across the top seven cities have already reached Rs 3.49 lakh crore, marking a 7 percent increase from the entire sales value in 2022. During this period, approximately 3.49 lakh units were sold in the top seven cities, compared to 3.65 lakh units throughout all of 2022.
The cities covered in the report include Mumbai, NCR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata, with Mumbai leading in the number of units sold.
"In just the first nine months of 2023, the total residential sector sold inventory worth Rs 3,48,776 crore, while the entire 2022 saw Rs 3,26,877 crore worth of sales. A comparison of the first nine months of 2022 and 2023 shows a 44 percent jump in total sales values of homes sold," the report added.
MMR tops list
The Mumbai Metropolitan Region (MMR) topped the list with Rs 1,63,924 crore worth of sales in the first nine months of 2023, followed by NCR with a cumulative sales value of Rs 50,188 crore in the same period. Bengaluru is listed third with a sales value of Rs 38,517 crore, followed by Hyderabad with Rs 35,802 crore in sales.
Pune recorded Rs 39,945 crore in sales, Chennai sold Rs 11,374 crore worth of inventories, and Kolkata stood last with sales of Rs 9,025 crore.
"The fact that the housing sales value in nine months of 2023 exceeded that of the whole of 2022 reflects the increased demand for premium luxury homes this year. This, along with the fact that average prices in the top cities rose by anywhere between 8-18 percent this year, makes an apple-to-apple comparison of annual sales values challenging," said Anuj Puri, Chairman of ANAROCK Group.
