Housing Sales Hit New Peak In Q2 2023, Over 1.15 Lakh Units Sold In Top Seven Cities: Report

MMR and Pune accounted for over 51 per cent of the total sales in the top 7 cities, with Pune witnessing the highest 65 per cent yearly rise

The bull run in the Indian housing market continued in the second quarter of the year despite spiralling home loan rates in recent past and global economic headwinds, including layoffs by several large and small corporates. According to latest ANAROCK Research data, quarterly housing sales are at an all-time high with almost 1,15,100 units sold in Q2 2023 across the top 7 cities. This is a 36 per cent yearly rise as against almost 84,940 units sold back in Q2 2022.

Meanwhile, new launches across the top 7 cities once again breached the one lakh mark and saw 25 per cent yearly rise – from 82,150 units in Q2 2022 to over 1,02,610 units in Q2 2023. Interestingly, MMR and Pune again saw the maximum new supply, accounting for 63 per cent of the total new launches across the top 7 cities. Individually, the two cities saw 31 per cent and 29 per cent yearly increase in their new supply, respectively.

Anuj Puri, chairman of ANAROCK Group, said, "The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023."

MMR and Pune accounted for over 51 per cent of the total sales in the top 7 cities, with Pune witnessing the highest 65 per cent yearly rise. As many as 58,770 units were sold altogether in these cities.

"Housing sales in the top 7 cities broke the previous high record of Q1 2023 and stood more than 1.15 lakh units in Q2 2023. Pune and MMR were the only two cities to see quarterly rise in housing sales – of 4 per cent and 10 per cent, respectively, while other cities saw some dip. But on yearly basis, most top 7 cities saw significant jump in housing sales," Puri said.

The top 7 cities recorded new launches of around 1,02,610 units in Q2 2023 against 82,150 units in Q2 2022, increasing by 25 per cent over the previous year’s corresponding period. The key cities contributing to new launches in Q2 2023 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for 84 per cent supply addition.