This story is from October 01, 2023
36% growth in sale of flats across top 7 cities: Report
“Cumulatively, the two western cities accounted for 51% of total sales seen across the top seven cities in Q3 2023. In terms of growth, MMR saw a 46% annual rise in housing sales, while Pune saw a massive 63% yearly jump,” he said.
The top seven cities also recorded a new supply with over 1,16,220 units added in the quarter, against 93,490 units in the corresponding period of 2022 - a 24% annual supply increase.
In terms of budget segments, the mid-range segment (homes priced between Rs 40– Rs 80 lakh) continued to dominate with a 28% share of the total new supply in Q3 2023. The luxury segment (homes priced above Rs 1.5 crore) and premium segment (Rs 80 lakh – Rs 1.5 crore) were close behind with a 27% share each.
Despite increased new supply, existing housing inventory saw a 3% yearly decline across the top seven cities – from approx. 6.30 lakh units by Q3 2022-end to approx. 6.10 lakh units as of Q3 2023-end.
“Considering the overall present economic scenario, the momentum in housing sales and new launches across the top seven cities is expected to continue in the October-December quarter,” said Puri.
1.2 lakh apartments sold across top 7 cities between July and August: ANAROCK Group
The housing market in the top seven cities of India experienced strong sales growth in the third quarter of 2023, with approximately 1.20 lakh apartments being sold. The Mumbai Metropolitan Region (MMR) had the highest sales, followed by Pune. New supply also increased by 24% compared to the previous year, with MMR and Hyderabad leading in terms of new units added. Despite the increase in supply, existing housing inventory decreased by 3%. Average residential prices in the top seven cities also saw a double-digit growth of 11%.
Seven cities lead urbanisation in UP; Lucknow, Ghaziabad on top
Urbanization in Uttar Pradesh is primarily driven by seven cities, with Lucknow and Ghaziabad leading in construction and development. Gorakhpur has emerged as a strong magnet, attracting people from Purvanchal for better opportunities. Other cities experiencing growth include Kanpur, Mathura, Meerut, Vrindavan, and Agra. These seven cities accounted for over 60% of planned construction work in the state. The housing department expects urbanization to accelerate in the future, with increased growth anticipated in Prayagraj, Ayodhya, and Varanasi. The department also plans to implement an online system to simplify the building plan approval process.
FDA shuts Margao unit supplying food
A Margao food unit supplying to the Rajdhani Express has been shut down by FDA officials for not meeting hygiene standards. The unit was inspected on September 27 and found to be operating in unhygienic conditions without proper registration. Despite previous warnings, the unit continued to operate under the same conditions. The FDA plans to file a case against the owners for disregarding hygiene norms.
- Revealed: The curious case of IAS officer Puja Khedkar’s different names in civil services exams
- Chennai YouTuber's ring smuggled 267kg of gold worth Rs 167 crore in silicone balls in 2 months
- Watch: Retired Indian Navy officer jumps into Ghaziabad's Hindon canal to save drowning youth, video goes viral
- IAS Puja Khedkar's gun-toting mother, father 'on the run'
- ‘Godman’ builds temple at 16k feet on Uttarakhand glacier, probe on
- Police complaint against Yuvraj Singh, Harbhajan and Suresh Raina for 'mocking' people with disabilities
- Four security personnel killed in gunfight with terrorists in J&K's Doda; Army chief briefs Rajnath Singh
- Who is Usha Chilukuri Vance? The Indian-origin wife of Trump's Vice President pick
- The $7.5 billion deal that Microsoft CEO Satya Nadella 'sealed' in 20 minutes
- Zodiac Signs Who Have Healing Power
- Github CEO: “If I were to join a software company in Bengaluru, the first thing I would….”
- 'Agar Hindustan mein...': Probe into provocative slogans raised in Amethi
- 8 plants that can be grown inside a bathroom
- 8 ideal walking exercises that also help with quick weight loss
- 10 must-try vegetarian Mexican dishes
- 10 must-try Punjabi sweets
- Powerful phrases to calm an angry child
Start a Conversation
Post comment