Housing sales in top eight cities witness 33% YoY growth in 2023: Report
January 4th, 2024
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Residential real estate sales in India were at their highest since the peak seen in 2013, witnessing a 33 percent YoY growth, with a total of 4.10 lakh units sold during calendar year 2023, according to the latest report by PropTiger.com.
According to the report titled ‘Real Insight Residential – Annual Round-up 2023 (January – December)’, India registered double-digit growth in both demand and new supply in the calendar year 2023 with new supply at an all-time high and sales velocity sustaining momentum.
The figures include the sales numbers for all four quarters in the calendar year for the top eight cities, including Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.
A total of 5,17,071 units were launched in 2023 as against 4,31,510 units in 2022, registering a sharp growth of 20 per cent YoY. Mumbai, Pune, and Hyderabad have been the frontrunners in terms of new supply in 2023, taking a combined share of 70 percent in the overall new launches in 2023.
Stable interest rates are poised to boost home purchases and instill confidence in developers, enabling them to present more attractive offerings in the New Year, extending beyond the festive season. This stability sets a positive tone for the real estate sector as we step into a new phase of growth in 2024.
“Despite initial challenges, such as rising interest rates, escalating input costs, and surging real estate prices amid global uncertainties, the industry demonstrated exceptional resilience. The pent-up demand following the pandemic served as a key driver, propelling the property market to unprecedented levels. The Reserve Bank of India’s decision to pause rate hikes in April 2023 played a crucial role in boosting buyer confidence,” said Vikas Wadhawan, Group CFO of Housing.com, Makaan.com & PropTiger.com.
“The positive upswing in consumer sentiment is fueling robust demand for mid-premium and premium housing. Recent premium launches in Delhi and Bangalore exemplify the sector’s resilience. However, the affordable sector may encounter challenges amid price surges. Given this outlook, success in the New Year lies in capitalising on the existing momentum and adapting to market nuances,” added Wadhawan.
Ankita Sood, Head of Research, PropTiger.com, Housing.com & Makaan.com, said, “India’s residential realty is in its stellar phase with both demand and supply mirroring the hay days of 2010. A robust economic backdrop, rising disposable income, coupled with heightened property investment sentiments has led to an impressive YoY sales surge of 33% and a 20% growth in new supply. National developers have capitalised on this momentum, launching the right product fits and also preparing a strong project pipeline for 2024. We saw demand peaking in the service sector dominated cities which saw a steep 15–20% YoY uptick in property prices; double that of the national average.”
In 2024, geopolitical risks remain but despite that, upbeat consumer outlook signals a continuum in the property market upcycle both in the metros and Tier 2 cities.’
Source: financialexpress.com
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