Over 1.20 lakh residential units sold in top seven cities in Jul-Sept 2023: Report, ET RealEstate

October 4, 2023

NEW DELHI: Housing sales across the top seven cities i.e. Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune touched approximately 1,20,280 units in July-September 2023 as against about 88,230 units in Q3 2022, registering a growth of 36% year-on-year, according to a recent report by Anarock.

“Among the top seven cities, MMR recorded the highest housing sales of approx. 38,500 units, followed by Pune with approx. 22,880 units, cumulatively, the two western cities accounted for 51% of total sales seen across the top 7 cities in Q3 2023. In terms of growth, MMR saw a 46% annual rise in housing sales, while Pune saw a massive 63% yearly jump,” said Anuj Puri, chairman of the company.

The top seven cities also witnessed significant new supply with over 1,16,220 units added in the quarter, against 93,490 units in corresponding period of 2022 – a 24% annual supply increase.

“City-wise, MMR also topped in new supply with approx. 36,250 units added in Q3 2023 – a modest 1% annual growth,” says Puri. “Hyderabad, on the other hand, saw a 60% yearly rise in supply with approx. 24,900 units added in this period.”

In terms of budget segments, the mid-range segment (homes priced between Rs 40–80 lakh) continued to dominate with a 28% share of the total new supply in Q3 2023. The luxury segment (homes priced >Rs 1.5 crore) and premium segment (Rs 80 lakh – Rs 1.5 crore) were close behind with a 27% share each.

Despite increased new supply, existing housing inventory saw a 3% yearly decline across the top seven cities – from approx. 6.30 lakh units by Q3 2022-end to approx. 6.10 lakh units as on Q3 2023-end.

Average residential prices in the top seven cities collectively saw a double-digit growth of 11% in Q3 2023 against Q3 2022. At 18%, Hyderabad witnessed the highest yearly average residential price growth, followed by Bengaluru with a 14% annual rise.

“Considering the overall present economic scenario, the momentum in housing sales and new launches across the top 7 cities is expected to continue in the October-December quarter,” predicted Puri.

Hyderabad added approx. 24,900 units in Q3 2023 compared to 15,530 units in Q3 2022 – a yearly rise of 60%. On a quarterly basis, there was 138% increase in new launches in the city.

Bengaluru added approx. 14,840 units in Q3 2023, a quarterly increase of 30% and a 7% annual jump. Approx. 87% of the new supply was added in the mid and upper mid-segment (Rs 40 lakh – Rs 1.5 crore).

Kolkata added approx. 3,300 units in Q3 2023, increasing by 34% over the previous quarter Q2 2023, but a 27% annual decline. Approx. 66% of the new supply was added in sub-Rs 80 lakh budget segment.

Despite robust new supply in the quarter, available inventory across the top seven cities collectively declined by 1% on a quarterly basis and stands at approx. 6,10,200 units as on Q3 2023-end. On an annual basis, available inventory declined by 3% in Q3 2023 across the top seven cities.

  • Published On Oct 4, 2023 at 05:00 PM IST

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