Despite hardening property prices and home loan interest hikes in early 2023, housing sales peaked this year with approximately 4.76 lakh units being sold in the top seven cities, registering a 31 percent on-year jump. At approximately 1,53,870 units, the Mumbai Metropolitan Region (MMR) saw the maximum sales, followed by Pune, where 86,680 flats were sold, data from ANAROCK, a real estate consultancy firm, showed.

The top seven cities included MMR, Delhi-NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune.

“Approximately 4,76,530 units were sold in 2023, against 3,64,870 units in 2022 across the top seven cities. The last peak was seen in 2022, after 2014, when around 3.43 lakh units were sold across these cities,” the report said.

Anuj Puri, Chairman, ANAROCK Group, said that demand is likely to remain undeterred in 2024, even though average prices are likely to appreciate by 8 to 10 percent across these cities.

Luxury housing demand increased exponentially as homebuyers continued to look for bigger spaces post the pandemic. In 2023, new luxury supply across the top seven cities jumped five times compared to 2018.

The Mumbai region witnessed 40 percent annual increase in sales, while Pune recorded a 52 percent spike over 2022. The national capital region (NCR) recorded sales of approximately 65,625 units, a 3 percent growth over last year.

Bengaluru witnessed the sale of 63,980 units in 2023, an annual increase of 29 percent, while Hyderabad recorded sales of 61,715 units, a 30 percent increase. Kolkata saw sales of 23,030 units, a 9 percent increase, while 21,630 units were sold in Chennai, a jump of 34 percent, the data showed.

New launches

Around 4,45,770 units were launched in the top seven cities in 2023, a 25 percent increase compared to 3,57,640 units in 2022. The maximum new launches were in MMR and Pune, which together comprised nearly 54 percent of launches in 2023, the report said.

Around 31 percent of the new housing supply was in the Rs 40 lakh to Rs 80 lakh range, 28 percent in the Rs 80 lakh to Rs 1.5 crore range, while 23 percent were priced above Rs 1.5 crore. At 18 percent, the share of affordable housing (up to Rs 40 lakh) was the lowest, the report added.

NCR saw the launch of 36,735 units in 2023, a 45 percent rise over 2022. Over 51 percent of these were in the Rs 40 lakh to Rs 2.5 crore range.

Available inventory

Available inventory declined 5 percent in 2023-end despite strong new housing supply during the year. Nearly 6 lakh units are currently available for sale across the top seven cities.

Source: moneycontrol.com