Housing sales in the third quarter of calendar 2023 have risen 36 per cent on year to 1.2 lakh units across the top seven cities, ANAROCK Research said.

Though there are still two more days to go before the quarter ends, data so far shows that residential demand has continued to grow even during the monsoon quarter, which usually sees subdued sales.

Also read: Land deals rise over 50% in 2023 as developers rush to launch new projects

The Mumbai Metropolitan Region accounted for the highest demand with 38,500 units being sold, followed by Pune at 22,800 units. The two cities accounted for half of the overall sales. Sales rose 46 per cent on year in MMR, and by 63 per cent in Pune.

The quarter also saw the supply of new houses rise by about a quarter, with 1.2 lakh units of new inventory being added. MMR saw the most additions at 36,250 units, followed by Hyderabad, which added 24,900 units in the quarter.

“Considering the overall economic scenario, the momentum in housing sales and new launches across the top seven cities is expected to continue in the October-December quarter,” said Anuj Puri, Chairman, ANAROCK Group.

Listen: Indian real estate sector is witnessing a resilient comeback post Covid-19: Ashish Khandelia, Founder, Certus Capital 

“Many of the large, branded developers have a healthy pipeline of new project launches across the top seven cities in the upcoming festive quarter. With homebuyer demand remaining firmly skewed towards projects by branded developers, these players may see record sales yet again,” he said.

While housing supply was adequate during the quarter, inventory fell 3 per cent in the quarter to 6.1 lakh units. Average home prices across the seven cities rose 11 per cent, with Hyderabad seeing the highest increase at 18 per cent, followed by Bengaluru at 14 per cent.

Related Topics
comment COMMENT NOW