Housing sales in India peaked for a second year in a row, witnessing a 31% yearly growth across the top seven cities, on the back of increased input costs and strong demand, ANAROCK said on Thursday.
About 4,76,530 housing units were sold in the top seven cities, according to ANAROCK research data. These include Delhi NCR, Mumbai, Bengaluru, Pune, Hyderabad, Chennai and Kolkata.
Mumbai emerged on top of the list, once again as it recorded about 1,53,870 housing units being sold this year, recording an annual increase of 40%. It was followed by Pune with approx 86,680 units, recording a growth of 52% from 2022. The two western markets together led residential sales in 2023, data added.
Housing Sales Overview City-wise
| City-wise Absorption (In Units) | |||
| City | 2023 | 2022 | % Change (2022 Vs 2023) |
| NCR | 65,625 | 63,710 | 3% |
| MMR | 1,53,870 | 1,09,730 | 40% |
| Bengaluru | 63,980 | 49,480 | 29% |
| Pune | 86,680 | 57,145 | 52% |
| Hyderabad | 61,715 | 47,485 | 30% |
| Chennai | 21,630 | 16,100 | 34% |
| Kolkata | 23,030 | 21,220 | 9% |
| Total | 4,76,530 | 3,64,870 | 31% |
Source: ANAROCK Research
Additionally, new launches across the top seven cities saw a 25% annual rise – from about 3,57,640 units in 2022 to about 4,45,770 units in 2023. Mumbai and Pune saw the most new launches, collectively comprising a nearly 54% share of total new launches in the year.
New Launches Overview - City-wise
| City-wise New Supply (In Units) | |||
| Cities Name | 2023 | 2022 | % Change (2022 Vs 2023) |
| NCR | 36,735 | 25,360 | 45% |
| MMR | 1,57,700 | 1,24,650 | 27% |
| Bangalore | 54,435 | 49,195 | 11% |
| Pune | 83,625 | 64,340 | 30% |
| Hyderabad | 76,345 | 68,010 | 12% |
| Chennai | 20,140 | 9,995 | 102% |
| Kolkata | 16,790 | 16,090 | 4% |
| Total | 4,45,770 | 3,57,640 | 25% |
Source: ANAROCK Research
“It was widely expected that rising property prices and interest rates, along with global market upheavals and uncertainties, would impact residential sales," said Anuj Puri, Chairman - ANAROCK Group in a statement adding that the market put paid to these predictions.
“Q4 2023 maintained the strong momentum set during the entire year with more than 1,27,370 units sold in the period. Interestingly, NCR was seen as deliberately restricting new supply in the year, to approx. 36,735 units, though it witnessed extremely healthy sales at approx. 65,625 units. With this cautious approach, NCR reduced its unsold inventory stock by a very significant 23% annually,” he added.
The research data also shed light on available inventory. “On an annual basis, available inventory declined by 5% in 2023-end across the top 7 cities despite strong new housing supply during the current year. Approx. 6 lakh units are available for sale across the top 7 cities in India.”
It also noted that NCR has witnessed the highest decline of 23% in unsold stock on a yearly basis – from approx 1,23,690 units by 2022-end to approx. 94,800 units as of 2023-end. This is the first time since 2013 that NCR’s unsold stock is less than a lakh units.
(Edited by : Asmita Pant)
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