Housing Sales In Q3 At All-Time High; Up 36 Per Cent In Top 7 Cities, Says Report

The sales stood at 88,230 units in the year-ago period across the seven major cities, according to Anarock report

Housing sales in India jumped 36 per cent year-on-year (YoY) to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to a report by Anarock. The sales stood at 88,230 units in the year-ago period across the seven major cities. According to Anarock, quarterly sales in July-September touched an all-time high.

Releasing the data, real estate consultant Anarock said average housing prices across the seven cities grew 11 per cent annually in the July-September period this year. Hyderabad saw the highest rise of 18 per cent.

"Among the top 7 cities, MMR recorded the highest housing sales of approx. 38,500 units, followed by Pune with about 22,880 units," said Anuj Puri, chairman, Anarock Group. "Cumulatively, the two western cities accounted for 51 per cent of total sales seen across the top 7 cities in Q3 2023. In terms of growth, MMR saw a 46 per cent annual rise in housing sales, while Pune saw a massive 63% yearly jump."

Sales of apartments, villas and independent floors are included while plots are excluded.

Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept home loan interest rates stable, keeping housing purchase sentiment high," he added.

According to the data, housing sales in Delhi-NCR rose 6 per cent to 15,865 units during July-September 2023 from 14,970 units in the year-ago period.

In MMR, housing sales increased 46 per cent to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29 per cent to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63 per cent to 22,885 units from 14,080 units. Sales of residential properties in Hyderabad increased 41 per cent to 16,375 units from 11,650 units. In Chennai, housing sales rose 42 per cent to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7 per cent to 5,320 units during July-September from 4,950 units in the year-ago period.

"The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for luxury housing too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain added.