In NEW DELHI: According to Anarock, despite a 6–9% price increase, housing sales in the top seven cities in India are expected to surge by 14% between January and March to over 1.13 lakh units.
The “bull run” in the housing segment of the Indian real estate sector continues, according to real estate consultant Anarock, which monitors the primary (fresh sales) residential market. This resulted in the biggest quarterly sales in the previous ten years.
Housing sales in seven major cities are predicted to have reached 1,13,770 units in January–March, up 14% from 99,550 units in the same time last year, according to figures compiled by Anarock.
Pune and the Mumbai Metropolitan Region (MMR) each contributed 48% of total sales.
“The residential market’s winning run continued in the first quarter of 2023 with house sales in top cities exceeding the previous high of Q1, 2022,” says one analyst. “Delhi-NCR is the only city anticipated to suffer a fall in sales during the first quarter of this calendar year.
According to Anarock Chairman Anuj Puri, “the quarter has registered the greatest ever sales in the last ten years amid significant surge in demand for high-ticket priced residences (more than Rs 1.5 crore).”
Nonetheless, Puri issued a warning that recent headwinds might become a problem in the near future.
The growth trajectory of the housing market in the ensuing two quarters “may be dented by persistent inflation concerns as well as another potential rate hike by the RBI in the near future,” Puri said.
According to the data, home sales in the MMR are predicted to increase by 19% to 34,690 units in January–March from 29,130 units in the same period last year.
Sales in Pune are anticipated to increase by 42% to 19,920 units from 14,020 units.
However, the number of homes sold in Delhi-NCR has decreased by 9%, from 18,835 units to 17,160 units.
Residential property sales in Bengaluru are predicted to increase 16%, from 13,450 units to 15,660 units.
In Hyderabad, sales are anticipated to increase by 9% to 14,280 units from 13,140 units.
Sales in Chennai are predicted to increase by 18% to 5,880 units from 4,985 units.
In the January-March quarter of this year, sales of residential properties in Kolkata are anticipated to rise by a modest 3% to 6,180 units from 5,990 units during the same period last year.
Also, according to Anarock data, between January and March 2023, the average house price across the top 7 cities rose 6–9% annually, primarily as a result of rising demand and the cost of building materials.
The largest annual increase of 9% was seen in MMR and Bengaluru.
Real estate business Signature Global Chairman Pradeep Aggarwal commented on the findings and noted that rising affordability over the past year has led to excellent sales in the housing market.
“National demand hasn’t been significantly impacted by the increase in home loan interest rates, despite this. We believe the home market will remain in demand for at least a few more years,” Aggarwal said.
