Housing Sales Value To Cross Rs 4.5 Lakh Crore In 2023 From Rs 3.27 Lakh Crore In 2022
In the first nine months of 2023, the total residential property sales value is 7 per cent higher than the whole of last year
The Indian residential sector surpassed all previous highs in 2023, with housing sales creating a new peak quarter-on-quarter. Concurrently, the overall sales value of sold housing inventory also inched higher. Even before Q4 2023 sales numbers are collated, the strong sales momentum indicates that the total value of homes to have found buyers in 2023 will cross the Rs 4.5 lakh crore mark, 38 per cent higher than the total sales value of entire 2022, which saw Rs 3.27 lakh crore worth of homes sold, according to ANAROCK data.
In the first nine months of 2023, the total residential property sales value is already 7 per cent higher than the whole of last year, with the top 7 cities seeing inventory worth about Rs 3,48,776 crore sold in this 9-month period.
In 2022, around Rs 3,26,877 crore worth of inventory sold. Between January and September 2023, 3.49 lakh units were sold in the top 7 cities across the country, against 3.65 lakh units in entire 2022.
Anuj Puri, chairman, ANAROCK Group, said, “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 per cent and 18 per cent this year, makes an apple-to-apple comparison of annual sales values challenging. 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 Rs 1 lakh crore mark.”
In Q1 2023, homes worth Rs 1,12,976 crore were sold in the top 7 cities, Q2 2023 saw a jump of 1 per cent, and then a further jump of 8 per cent 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 Rs 4.5 lakh crore by 2023-end,” Puri added.
Sales Value Growth: 9M 2023 vs 9M 2022
|
City |
Total Sales Value (Rs) of Sold Units in 9M2022 |
Total Sales Value (Rs) of Sold Units in 9M 2023 |
% Change |
|
NCR |
Rs 38,895 |
Rs 50,188 |
29 |
|
MMR |
Rs 1,16,242 |
Rs 1,63,924 |
41 |
|
Hyderabad |
Rs 25,001 |
Rs 35,802 |
43 |
|
Bangalore |
Rs 27,045 |
Rs 38,517 |
42 |
|
Pune |
Rs 20,406 |
Rs 39,945 |
96 |
|
Chennai |
Rs 7,825 |
Rs 11,374 |
45 |
|
Kolkata |
Rs 7,612 |
Rs 9,025 |
19 |
|
Total |
Rs 2,43,027 |
Rs 3,48,776 |
44 |
Source: ANAROCK Research
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