In 2023, the Indian residential sector achieved unprecedented heights, surpassing previous records in housing sales and overall sales value. The quarter-on-quarter growth, even before Q4, suggests the year's total home sales could exceed Rs 4.5 lakh crore, a remarkable 38% increase from 2022. The surge is attributed to increased demand for premium luxury homes, reflected in a significant rise of 8–18% in average prices across top cities. Regional variations, with Pune leading at 96%, underscore the sector's resilience. The last quarter is likely to sustain this momentum, projecting an impressive end to 2023.
The Indian residential sector achieved unprecedented heights in 2023, witnessing a record-breaking surge in housing sales on a quarter-on-quarter basis. Alongside, the cumulative sales value of the sold housing inventory also experienced an incremental rise. Even before the end of Q4 2023, the robust sales performance suggests that the total value of homes acquired in 2023 stands to surpass the Rs 4.5 lakh crore milestone, marking a 38% surge compared to the entire sales value of 2022, which amounted to INR 3.27 lakh crore for homes sold.
In the initial nine months of 2023 alone, the total residential property sales value has outstripped the entirety of the previous year by 7%. The top 7 cities witnessed the sale of approximately Rs 3,48,776 crore worth of inventory during this period, surpassing the entire 2022 sales value of around Rs 3,26,877 crore. Between January and September 2023, approximately 3.49 lakh units were sold in the top 7 cities, slightly lower than the approximately 3.65 lakh units sold throughout 2022.
The housing sales value in the first three quarters of 2023 also surpassed the entirety of 2022 underscoring the heightened demand for premium luxury homes this year. This, coupled with the average prices in the top cities witnessing an increase of 8–18%, poses a challenge for a direct comparison of annual sales values. During Q1 2023, homes valued at Rs 1,12,976 crore were sold in the top 7 cities, with a 1% increase in Q2 2023 and an additional 8% surge in Q3 2023. The ongoing festive quarter has maintained robust sales across these markets, and the last quarter of 2023 is anticipated to follow suit.
Consequently, the overall housing sales value is expected to surpass Rs 4.5 lakh crore by the end of 2023. The data also sheds light on regional trends, with Pune witnessing a remarkable 96% annual surge in total sales values, followed by Chennai with a 45% increase. Meanwhile, Hyderabad experienced a 43% upswing, Bengaluru recorded a 42% rise, MMR observed a 41% gain, and NCR reported a 29% increase. Kolkata displayed the lowest yearly jump among the top seven cities, with a 19% growth.
As the market continues its flourishing trajectory, the last quarter of 2023 stands to sustain the robust sales momentum, driving the overall housing sales value beyond Rs 4.5 lakh crore by the year's end. The robust surge in 2023 housing sales, driven by increased demand for premium luxury homes, showcases the Indian residential sector's resilience. Regional variations indicate healthy growth, setting the stage for a dynamic concluding quarter.
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