Sales of residential units and new supply witnessed an eight percent and 11% year-on-year (YoY) growth in the April-June quarter of 2023 across eight major cities in the country, respectively, underscoring the resilience of the housing market, reported PropTiger.com.
A total of 80,250 units were sold in the eight cities in Q2 2023 compared to 74,320 in the year-ago quarter, showing a growth of 8%, said the Real Insight Residential – April-June 2023 report, a quarterly analysis of India’s top eight residential markets by REA backed PropTiger.com.
The markets covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region and Pune.
Mumbai and Pune continue to record the maximum traction, taking a combined share of 61 percent in overall sales in Q2 2023.
On the residential new supply front, realtors launched 113,770 units, an increase of 11% compared to 102,140 in the April-June quarter of 2022. Mumbai has been the frontrunner in terms of new supply, followed by Pune and Ahmedabad.
“India’s top eight residential markets continue on a growth path with sales rising by 8% in the June quarter. The RBI’s decision to pause the hike in the key lending rate helped in sustaining strong positive sentiments for buying residential properties,” said Vikas Wadhawan, group CFO, REA India & Business Head PropTiger.com.
“The driving factors behind the uptick in housing sales over the last two years are pent-up demand from the COVID-affected period, growing appetite for homeownership, revival in the economy post-pandemic, and the evolving need for more spacious homes. We anticipate that the upward trend will persist, making the 2023 calendar year even better than the previous year in terms of sales performance.,” Wadhawan added.
Sales
Source: Real Insight Residential – April-June 2023, Housing Research
During Q2 2023, 15% of the residential units sold were classified as ready-to-move-in, while the remaining 85% were still under construction. The majority of sales, comprising 27%, were concentrated in the price range of INR 45-75 lakh, closely followed by the price range of over INR 1 crore, which accounted for 25% of the overall sales.
In a semi-annual comparison, sales witnessed notable growth of 15%, while new supply experienced a substantial increase of 43%.
Supply
Source: Real Insight Residential – April-June 2023, Housing Research
The largest portion of new residential units introduced in Q2 2023 was focused on the INR 45-75 lakh price range, accounting for the highest share of 33% among all launches. Notably, units priced at over Rs one crore constituted a significant portion, representing nearly 29% of the total.
Ankita Sood, Head of Research, REA India (PropTiger.com, Housing.com & Makaan.com) said, The western markets sustain their property rally as Mumbai and Pune witness considerable growth in demand the second quarter. These cities take a combined share of 61% from the national sales tally primarily boosted by demand in localities such as Thane West and Dombivali in Mumbai and Charholi Budruk and Hadapsar in Pune. We see this surge in demand is driven by end users seeking improved amenities and an enhanced lifestyle.”
Note: Housing markets covered in the report includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.
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