Mumbai (Maharashtra) [India]June 28 (ANI): Despite global economic headwinds including hike in home loan rates and layoffs by some large and small corporates in the recent past, the bull run in the Indian housing market continued in the second quarter of 2023 as well.
According to data published by real estate consultancy firm Anarock, quarterly housing sales are at an all-time high with around 115,100 units sold in the second quarter of 2023 across the top seven Indian cities, as compared to around 84,940 units sold in 36 The percentage is the annual increase. last year’s quarter.
The data also showed that Mumbai and Pune together account for more than 50 per cent of the total sales, with the latter witnessing the highest annual growth of 65 per cent. A total of 58,770 units were sold in these two cities.
Here is a table detailing the city-wise housing sales data for the said quarter:
Barring the recent pause, the RBI has raised the repo rate, the rate at which the central bank lends to other banks, by a cumulative 250 basis points to 6.5 per cent from May 2022 in the fight against inflation, and widely It was expected that this would put pressure on housing demand.
“The housing market is yet to feel the impact of the home loan rate hike and global economic headwinds earlier this year. Its momentum remains strong in Q2 2023 as well,” said Anuj Puri, President – ANAROCK Group.
“Pune and MMR were the only two cities that saw quarterly growth in housing sales – 4% and 10% respectively, while other cities saw some decline. But on an annual basis, most of the top 7 cities saw a significant jump in housing sales,” said Puri.
Meanwhile, new property launches once again crossed the one lakh mark and witnessed 25 per cent annual growth – from 82,150 units in April-June 2022 to over 1,02,610 units this year.
Interestingly, Mumbai and Pune again saw the highest number of new supplies, accounting for 63 per cent of the total new launches. Individually, both the cities saw annual growth of 31 per cent and 29 per cent in new supply, respectively.
Coming to the price point, average residential property prices across top Indian cities are expected to increase in the range of 6-10 per cent in Q2 2023, mainly due to rise in construction raw material prices and overall increase in demand. Hyderabad registered the highest annual growth of 10 per cent and reached Rs 4,980 per sq ft. (ANI)
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