36% growth in sale of flats across top 7 cities: Report

MUMBAI: About 1.20 lakh apartments were sold across the top seven cities between July and August 2023 against 88,230 units sold in Q3 2022, a 36% annual sales growth, ANAROCK Group said on Thursday.
“Among the top 7 cities, Mumbai Metropolitan Region (MMR) recorded the highest housing sales of 38,500 units, followed by Pune with 22,880 units,” said Anuj Puri, chairman of Anarock Group.
“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.
“City-wise, MMR also topped in new supply with 36,250 units added in Q3 2023 - a modest 1% annual growth,” said Puri. Hyderabad, on the other hand, saw a 60% yearly rise in supply with 24,900 units added in this period.
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.
Average residential prices in the top seven cities collectively saw a double-digit growth of 11% in Q3 2023 against Q3 2022. At 18%, Hyderabad witnessed the highest yearly average residential price growth, followed by Bengaluru with a 14% annual rise. “The continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the RBI in the two recent monetary policies. This has kept home loan interest rates stable, keeping housing purchase sentiment high,” said the Anarock report.
“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.