The Indian residential real estate market is witnessing a substantial upswing, projecting home sales at Rs. 4.5 trillion (US$ 53.99 billion) by year-end, a significant 38% rise from 2022’s Rs. 3.27 trillion (US$ 39.23 billion). Anarock Group’s report reveals strong quarter-on-quarter growth, marking a 7% increase in total residential property sales for the first nine months of 2023, surpassing the entire sales value of the previous year. Notably, the top seven cities saw Rs. 3,48,776 crore (US$ 41.86 billion) worth of inventory sold during this period, exceeding the entire inventory sold in the preceding year.
Anuj Puri, Chairman of Anarock Group, attributes the surge to heightened demand for premium luxury homes in 2023. Comparing annual sales values poses a challenge due to an 8% to 18% rise in average prices in top cities this year.
Between January and September 2023, approximately 349,000 units were sold across seven key Indian cities, slightly lower than 2022’s 365,000 units. Delhi-NCR, MMR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata showed a significant 44% year-on-year increase in the total sales value of homes. MMR led with about Rs. 1,63,924 crore (US$ 22.86 billion) worth of inventory (approximately 111,280 units) sold, reflecting a notable 41% yearly gain. Delhi-NCR followed closely, reporting a cumulative sales value of around Rs. 50,188 crore (US$ 6.75 billion) (approximately 49,475 units), reflecting a significant 29% jump. Hyderabad sold 44,220 units valued at about Rs. 35,802 crore (US$ 4.29 billion) between January and September 2023, compared to around Rs 25,001 crore (US$ 3 billion) in the corresponding period of 2022. Chennai saw a 45% surge in overall housing sales values, from around Rs. 7,825 crore (US$ 939.0 million) in the first nine months of 2022, with approximately 16,310 units sold.
