Despite spiralling home loan rates in the recent past and global economic headwinds including layoffs by several companies, the bull run in the Indian housing market continued in the second quarter of the year. Quarterly housing sales during the April-June 2023 quarter stood at an all-time high of about 1,15,100 units, which is nearly 36 per cent higher than the previous year’s 84,940 units sold in Q2 2022, according to the latest data from ANAROCK.
“MMR and Pune accounted for over 51 per cent of the total sales in the top-7 cities, with Pune witnessing the highest 65 per cent yearly jump. As many as 58,770 units were sold altogether in these cities,” the report said.
The top-7 cities are Pune, Bengaluru, NCR, Mumbai Metropolitan Region (MMR), Hyderabad, Chennai and Kolkata.
According to the report, new launches across the top-7 cities once again breached the one lakh mark and witnessed a 25 per cent yearly 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 per cent of the total new launches across the top 7 cities. Individually, the two cities saw 31 per cent and 29 per cent yearly increase in their new supply, respectively.
Anuj Puri, chairman of 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-7 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 per cent and 10 per cent, respectively, while other cities saw some dip. But, on a yearly basis, most top-7 cities saw a significant jump in housing sales.”
Overall Sales
About 1,15,110 units were sold in Q2 2023 across the top-7 cities – an increase of 36 per cent over Q2 2022. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 90 per cent of sales in the quarter.
Price Movement
Average residential property prices across the top-7 cities increased in the range of 6-10 per cent in Q2 2023 when compared to Q2 2022, mainly due to increase in the prices of construction raw materials and overall rise in demand. Hyderabad recorded the highest 10 per cent annual jump and stands at Rs 4,980 per sqft as of Q2 2023-end.
Available Inventory
Amid robust sales, available inventory across the top-7 cities reduced by 2 per cent on a yearly basis to around 6.14 lakh units as of Q2 2023-end. NCR witnessed the highest yearly decline of 21 per cent amid reduced new supply — from more than 1.41 lakh units as of Q2 2022 end to nearly 1.11 lakh units as of Q2 2023-end. This is a significant reduction in this realty hotspot.
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