Housing sales hit new high in Q2 2023

This is a 36% year-on-year rise as against nearly 84,940 units sold back in Q2, 2022. This is also a minor increase that 1,13,780 units sold in preceding January-March quarter.
For representational purposes.  (Photo | AFP)
For representational purposes. (Photo | AFP)

NEW DELHI:  Quarterly housing sales has hit an an all-time high, with nearly 1,15,100 units sold in Q2 2023 (April-June) across the top 7 cities, according to latest data released by real estate consultancy firm ANAROCK. 

This is a 36% year-on-year rise as against nearly 84,940 units sold back in Q2, 2022. This is also a minor increase that 1,13,780 units sold in preceding January-March quarter. According to the report, demand for housing units remain strong despite spiralling home loan rates in recent past and global economic headwinds including layoffs by several large and small corporates.

Mumbai Metropolitan Region (MMR) and Pune accounted for over 51% of the total sales in the top seven cities, with Pune witnessing the highest, 65% YoY jump. As many as 58,770 units were sold altogether in these cities.

Meanwhile, new launches across the top seven cities once again breached the 1 lakh mark and witnessed 25% YoY rise – from 82,150 units in Q2, 2022, to over 1,02,610 units in Q2, 2023. MMR and Pune again saw the maximum new supply, accounting for 63% of the total new launches across the top seven cities.

Anuj Puri, Chairman – ANAROCK Group, said, “The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023. Housing sales in the top seven cities broke the previous high record of Q1 2023 and stood more than 1.15 lakh units in Q2, 2023.” 

“Pune and MMR were the only two cities to see quarterly rise in housing sales – of 4% and 10% respectively while other cities saw some dip. But on yearly basis, most top seven cities saw significant jump in housing sales.”

Meanwhile, average residential property prices across the top seven cities increased in the range of 6-10% in Q2,2023, when compared to Q2,2022, mainly because of increase in the prices of construction raw materials and overall rise in demand. 

MMR, Pune account for 51% of sales in top 7 cities
MMR and Pune accounted for over 51% of the total sales in the top seven cities, with Pune witnessing the highest, 65% YoY jump. As many as 58,770 units were sold altogether in these cities. Average residential property prices across the top seven cities increased in the range of 6-10% in Q2
 

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