Kolkata, Dec 14 – The unstoppable 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, an ANAROCK researcher said on Thursday.
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 percent higher than the total sales value of the entire year 2022, which saw Rs 3.27 lakh crore worth of homes sold.
In just the first nine months of 2023, the total residential property sales value is already 7 percent higher than the whole of last year, with the top 7 cities seeing inventories worth approx. Rs 3,48,776 crore sold in this 9-month period. Entire 2022 saw approx. Rs 3,26,877 crore worth of inventory sold.
Between January and September 2023, approx. 3.49 lakh units were sold in the top 7 cities, compared to approx. 3.65 lakh units in the entire year 2022.
In value terms:
Mumbai topped the list with approx. Rs 1,63,924 crore worth of inventory (approx. 1,11,280 units) sold in the first nine months of 2023.
NCR followed with an approximate cumulative sales value of Rs 50,188 crore (approximately 49,475 units) sold in this period.
Bengaluru saw homes worth approx. Rs 38,517 crore (approximately 47,100 units) sold in 9 months in 2023.
In Hyderabad, approx. 44,220 units worth approx. Rs 35,802 crore were sold in the period.
Pune saw approx. 63,480 units worth approx. Rs 39,945 sold till Sept. 2023, indicating a higher traction of budget housing in the city.
Chennai witnessed approx. 16,310 units worth approx. Rs 11,374 sold in 9M 2023.
Kolkata saw the lowest overall value (approx. Rs 9,025 crore) of housing inventory (17,280 units) sold in the period, again indicating higher sales of affordable homes.
“The fact that the housing sales value in 9M 2023 exceeded that of the whole of 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 and 18% this year, makes an apple-to-apple comparison of annual sales values is challenging.” Anuj Puri, Chairman – ANAROCK Group, said.
