Housing Sales Soar by 31% in 2023 to Reach Almost 4.77 Lakh Units in Seven Major Cities, Marking an All-Time High Despite 15% Price Appreciation and Elevated Mortgage Rates, Reports Anarock.
According to Anarock's annual data release for seven primary housing markets, housing sales escalated from 364,870 units in 2022 to 476,530 units this calendar year.
Anarock's Chairman, Anuj Puri, remarked, 'Despite global challenges, escalating domestic property prices, and initial-year interest rate hikes, 2023 has been an outstanding year for the Indian housing sector.' Puri highlighted that housing sales surpassed the previous high of 2022 in the top seven cities, with new launches aligning well with the ongoing housing demand.
Puri noted the widespread anticipation of the potential impact from escalating property prices, increased interest rates, and global market uncertainties on residential sales. However, despite these factors, the housing sector sustained high demand.
Breaking down the data, the Mumbai Metropolitan Region (MMR) observed the highest sales among the top seven cities, with a 40% surge from 109,730 units to 153,870 units this year. Pune followed closely, experiencing a 52% increase in housing sales, rising from 57,145 units to 86,680 units.
In Delhi-NCR, there was a modest 3% growth in sales, reaching 65,625 units from 63,710 units. Bengaluru witnessed a 29% rise to 63,980 units from 49,480 units, while Hyderabad observed a 30% increase to 61,715 units from 47,485 units. Kolkata's sales saw a 9% rise to 23,030 units from 21,220 units, and Chennai experienced a 34% uptick, reaching 21,630 units from 16,100 units in the previous calendar year.
The last decade's peak in sales was observed in 2022, with 3.43 lakh units sold across these seven cities, the highest since 2014.
Regarding new supply, Anarock reported a 25% increase in new launches across the top seven cities, totaling 4,45,770 units in 2023, compared to 3,57,640 units in 2022. MMR led in new supply with a 27% rise, reaching 1,57,700 units this year from 1,24,650 units last year.
Anarock highlighted a 15% average appreciation in housing prices, increasing from Rs 6,150 per sq ft to Rs 7,080 per sq ft this year across the cities. The rise in housing prices ranged from 10% to 24%, primarily attributed to increased input costs and robust demand.
Hyderabad recorded the most substantial yearly increase, with a 24% surge in average residential prices, reaching nearly Rs 5,750 per sq ft in 2023 from Rs 4,620 per sq ft last year.
