Sales of residential units and new supply witnessed an 8 percent and 11 percent 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 percent, 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 percent 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.
During Q2 2023, 15 percent of the residential units sold were classified as ready-to-move-in, while the remaining 85 percent were still under construction. The majority of sales, comprising 27 percent, 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 percent of the overall sales. In a semi-annual comparison, sales witnessed notable growth of 15 percent, while new supply experienced a substantial increase of 43 percent.
The largest portion of new residential units launched in Q2 2023 was focused on the INR 45-75 lakh price range, accounting for the highest share of 33 percent among all launches. Notably, units priced at over INR 1 crore constituted a significant portion, representing nearly 29 percent of the total.
Renuka Kulkarni, a seasoned real estate professional, brings over five years of diverse experience in research, consulting, and architectural design within the urban sector. Her expertise spans public and private projects, showcasing proficiency in real estate research, trend interpretation, and policy analysis. With qualifications in architecture and a master’s degree in Data Science (Business Intelligence & Data Analytics) from IIIT Bengaluru, along with an M. Tech in Urban Development and Management from TERI School of Advanced Studies, New Delhi, Renuka seamlessly blends data analytics with market insights, offering a holistic understanding of the industry in her research pieces.
Related Posts
2022 ends on a high for India’s property market – demand up by 50% YoY in top cities.
Property prices surge by 6% across top cities of India.
IT hubs of Bengaluru, Hyderabad and Pune to takeover major property markets of India.
Residential new supply up by 86% in March quarter; demand grows at a slower pace of 22%.
Property prices continue to grow at the fastest pace.
Budget supersedes location as a top consideration for while buying a property.
