NEW DELHI: Approximately 4,76,530 units were sold in 2023 against 3,64,870 units in 2022 across the top seven cities, registering a 31% year-on-year growth, according to data by Anarock.
Mumbai Metropolitan Region (MMR) witnessed the highest sales of approximately 1,53,870 units in 2023, followed by Pune with approx. 86,680 units. The two western markets together led residential sales in 2023.
NCR recorded sales of about 65,625 units in 2023, increasing by 3% over the last one year while engaluru saw approx. 63,980 units sold in 2023 – an annual increase of 29%.
“Q4 2023 maintained the strong momentum set during the entire year with more than 1,27,370 units sold in the period. Interestingly, NCR was seen as deliberately restricting new supply in the year, to approx. 36,735 units, though it witnessed extremely healthy sales at approx. 65,625 units. With this cautious approach, NCR reduced its unsold inventory stock by a very significant 23% annually,” said Anuj Puri, chairman, ANAROCK Group.
New launches across the top seven cities saw a 25% annual rise – from approx. 3,57,640 units in 2022 to approx. 4,45,770 units in 2023. MMR and Pune saw the most new launches, together comprising an nearly 54% share of total new launches in the year.
Hyderabad added new supply of approx. 76,345 units in 2023 – an increase of 12% over 2022. Over 82% of the new supply was added in the Rs 40 lakh to Rs 2.5 crore budget segment. Bengaluru added approx. 54,435 units in 2023, a yearly increase of 11%. about 92% of the new supply was added in the Rs 40 lakhs – Rs 2.5 crore budget segment.
NCR launched approx. 36,735 new units this year – a significant 45% rise over 2022. Over 51% of the new supply was added in the Rs 40 lakh to Rs 2.5 crore budget segment.
“The Indian economy remains bullish, and this directly correlates to residential demand. And, equally importantly, new supply is dominated by Grade A developers who are completing their projects on time,” said Puri.
Demand is likely to remain undeterred in 2024, even with average prices likely to appreciate by 8-10% across the top seven cities.
On annual basis, housing prices rose by between 10-24% across the top seven cities, primarily due to increased input costs and strong demand. Hyderabad recorded the highest yearly jump of 24% in average residential prices – from Rs 4,620 per sq. ft. in 2022 to nearly Rs 5,750 per sq. ft. in 2023.
