Housing Sales May Rise 38% This Year To Rs 4.5 Lakh Crore Across Top Seven Cities

Housing sales are estimated to rise 38% annually to Rs 4.5 lakh crore this year across seven major cities on higher volumes, price rise and more demand for luxury homes, according to Anarock.

In the calendar year 2022, the sales stood at Rs 3,26,877 crore across Delhi-NCR, Mumbai Metropolitan Region, Kolkata, Chennai, Bengaluru, Pune and Hyderabad.

Real estate consultant Anarock highlighted that the value of residential properties sold in the primary market in the first nine months of this calendar year has reached Rs 3,48,776 crore, up 7% from that in all of 2022.

Anarock Group Chairman Anuj Puri said, "The fact that the housing sales value in the first nine months 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 8-18% this year, makes an apple-to-apple comparison of annual sales values challenging."

In the January-March quarter of 2023, homes worth Rs 1,12,976 crore were sold in the top seven cities. The second quarter saw a rise of 1%, and then a further jump of 8% in the third quarter, he added.

"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 said.

In terms of volume, Anarock said that 3.49 lakh units were sold in the top 7 cities during January-September 2023. The sales number is set to cross 4.5 lakh units this year against 3.65 lakh units in all of 2022.

According to the Anarock data, Pune recorded a 96% rise in total sales values to Rs 39,945 crore during January-September 2023 from Rs 20,406 crore in the year-ago period.

Chennai saw a 45% increase in housing sales to Rs 11,374 crore from Rs 7,825 crore, while Hyderabad witnessed a rise of 43% to Rs 35,802 crore from Rs 25,001 crore.

Housing sales in Bengaluru rose 42% to Rs 38,517 crore from Rs 27,045 crore.

The MMR saw a gain of 41% in sales to Rs 1,63,924 crore from Rs 1,16,242 crore, while the Delhi-NCR market witnessed an increase of 29% to Rs 50,188 crore from Rs 38,895 crore.

Housing sales in Kolkata were up 19% to Rs 9,025 crore during January-September this year from Rs 7,612 crore in the corresponding period of the previous year.