Housing sales may increase by 38% in 2023 to touch ₹4.5 lakh crore

Housing sales across the top seven cities is expected to cross the 4.5 lakh crore mark in 2023 – 38% higher than the total sales value of entire 2022, which saw 3.27 lakh crore worth of homes sold, a report by Anarock has said.

Housing sales are estimated to rise 38 per cent annually to <span class=
Housing sales are estimated to rise 38 per cent annually to 4.5 lakh crore this year across seven major cities on higher volumes, price rise and more demand for luxury homes, according to Anarock.

In just the first nine months of 2023, the total residential property sales value is already 7% higher than the whole of last year, with the top 7 cities seeing inventory worth approximately 3.48 crore sold in this 9-months period. Entire 2022 saw approximately 3.26 crore worth of inventory sold, the report said.

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Between January and September 2023, approximately 3.49 lakh units were sold in the top seven cities, against approximately 3.65 lakh units in entire 2022. The top seven cities included MMR, NCR, Bengaluru, Chennai, Hyderabad, Pune and Kolkata.

In value terms MMR topped the list with approximately 1.63 crore worth of inventory (approximately 1,11,280 units) sold in the first nine months of 2023. NCR follows with approximately cumulative sales value of 50,188 crore (approximately 49,475 units) sold in this period. Bengaluru saw homes worth approximately 38,517 crore (approx. 47,100 units) sold in 9M 2023.

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Comparing the first nine months of 2022 and 2023 shows a 44 percent jump in total sales values of homes sold – from approximately 2.43 crore in 9M 2022 to approximately 3.48 crore in 9M 2023.

Pune recorded the highest yearly jump (96%) in total sales values – from approximately 20,406 crore in 9M 2022 to approximately 39,945 crore in 9M 2023. Chennai saw a 45% jump in the overall housing sales values in the period – from approximately 7,825 crore in 9M 2022 to approximately 11,374 crore in 9M 2023.

Hyderabad saw homes worth approximately 35,802 crore sold in 9M 2023, against a sales value of approximately 25,001 crore in same period in 2022. In a year, Hyderabad saw housing sales increase by 43%.

Bengaluru saw a 42% jump in total sales value – from approximately 27,045 crore in 9M 2022 to approximately 38,517 crore in 9M 2023. MMR saw a yearly gain of 41%, with total sales value of approximately 1,63,924 crore in 9M 2023 against approximately 1,16,242 crore in 9M 2022. NCR saw its overall housing sales value clock in at approximately 50,188 crore in 9M 2023, against approximately 38,895 crore in 9M 2022 – an annual increase of 29%.

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“The fact that the housing sales value in 9M 2023 exceeded that of the whole of entire 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% this year, makes an apple-to-apple comparison of annual sales values challenging,” said Anuj Puri, Chairman – ANAROCK Group.

“If we look at the quarter-on-quarter sales values in 2023, each quarter saw consistent growth and overall sales value has already breached the 1 lakh crore mark,” says Puri.

“In Q1 2023, homes worth 1,12,976 crore were sold in the top 7 cities, Q2 2023 saw a jump of 1%, and then a further jump of 8% in Q3 2023. Sales in the ongoing festive quarter have been robust across these markets and the concluding quarter of 2023 will be no different. Thus, we expect the overall housing sales value to cross 4.5 lakh crore by 2023-end.”

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