Mumbai: The Indian residential property segment remained unstoppable in the third quarter of 2023, despite the usually slow monsoon quarter.
According to the latest data by property consulting ANAROCK, the third quarter of 2023 saw housing sales across the top 7 cities create another new peak with 1,20,280 units sold, against 88,230 units in third quarter of 2022. This denotes a staggering 36% annual sales growth.
“Among the top 7 cities, Mumbai Metropolitan Region (MMR) recorded the highest housing sales of 38,500 units, followed by Pune with 22,880 units,” says Anuj Puri, chairman of ANAROCK Group.
“Cumulatively, the two western cities accounted for 51% of total sales seen across the top 7 cities in third quarter of 2023. In terms of growth, MMR saw a 46% annual rise in housing sales, while Pune saw a massive 63% yearly jump.”
The top 7 cities also witnessed significant new supply with over 1,16,220 units added in the quarter, against 93,490 units in corresponding period of 2022, a 24% annual supply increase.
“City-wise, MMR also topped in new supply with 36,250 units added in Q3 2023 – a modest 1% annual growth,” says Puri. “Hyderabad, on the other hand, saw a 60% yearly rise in supply with 24,900 units added in this period.”
In terms of budget segments, the mid-range segment (homes priced between Rs40-80 lakh) continued to dominate with a 28% share of the total new supply in third quarter of 2023. The luxury segment (homes priced Rs1.5 cr) and premium segment (Rs80 lakh-1.5 cr) were close behind with a 27% share each.