Housing market bull-run in Mumbai and Pune breaks pan-India sales records

Incidentally, Mumbai and Pune accounted for more than half of all homes sold in the quarter. Both cities accounted for 51 percent of total sales, with Pune registering a 65 percent jump in yearly sales growth. Both cities were also the only ones to outdo their own January-March numbers — by four and 10 percent respectively — while other cities saw a dip.

Both Mumbai and Pune also saw a new infusion of inventory — 43,490 and 21,350 launches respectively — that accounted for 63 percent of total residential launches across the country, in the April-June quarter. The pan-India launch scenario impressed many too, given that the 82,150 units launched in the quarter saw a 25 percent YOY growth, despite a six percent dip, quarter-on-quarter.

"The strong line-up of ongoing infrastructural developments, the need for quality homes, and the redevelopment boom across MMR are the key contributors to robust housing demand in the region," said Dhaval Ajmera, Director, Ajmera Realty and Infrastructure, "In Pune, improved connectivity and infrastructural growth between Mumbai and Pune, along with location benefits, have led to a growth of mid-segment housing and commercial space segments."

The sales numbers have been notched up on the back of an average eight percent price-hike across seven property markets. Hyderabad recorded the highest price-hike of 10 percent, while Bengaluru, NCR and Mumbai reported a nine percent increase in prices. Nearly 31 percent of all homes sold in the quarter were mid-segment homes, priced between Rs 40 lakh and 80 lakh.

Anarock says the sales blitzkrieg in the quarter has brought down available inventory levels in all cities, which have now seen a two percent decline — 6.25 lakh units in April-June 2022 to 6.14 lakh units today. NCR saw a massive inventory decline of 21 percent.