India's top eight residential markets continued their bull run in 2023 with sales rising 33 per cent to nearly 4.11 lakh units while new supply growing 20 per cent to record 5.17 lakh units, according to PropTiger.
Housing brokerage firm PropTiger, which is part of REA India that owns Housing.com, on Thursday released its report 'Real Insight'
India's top eight residential markets continued their bull run in 2023 with sales rising 33 per cent to nearly 4.11 lakh units while new supply growing 20 per cent to record 5.17 lakh units, according to PropTiger.
Housing brokerage firm PropTiger, which is part of REA India that owns Housing.com, on Thursday released its report 'Real Insight'.
In 2023, housing sales grew 33 per cent to 4,10,791 units across eight major cities as against 3,08,942 units in the previous year, driven by strong consumer sentiments towards home purchases.
This is the highest sales since 2013, which saw a record sales of 4,50,361 units, the consultant said.
New home launches were up 20 per cent to 5,17,071 units from 4,31,510 units during the period under review.
"Despite initial challenges, such as rising interest rates, escalating input costs, and surging real estate prices amid global uncertainties, the industry demonstrated exceptional resilience. The pent-up demand following the pandemic served as a key driver, propelling the property market to unprecedented levels," Vikas Wadhawan, Group CFO of REA India, said.
The RBI's decision to pause rate hikes played a crucial role in boosting buyer confidence, he said.
According to sales data for 2023 compared to the previous year, housing sales in Mumbai rose 29 per cent to 1,41,480 units from 1,09,677 units. New supply grew 8 per cent to 1,78,684 units from 1,65,634 units. Pune saw a 33 per cent growth in sales to 82,696 units from 62,029 units. New supply in the city rose 40 per cent to 1,05,698 units from 75,309 units.
Housing sales in Ahmedabad were 51 per cent higher at 41,327 units from 27,314 units. New supply rose 71 per cent to 55,877 units from 32,663 units.
Bengaluru saw a 44 per cent growth in sales to 44,002 units from 30,467 units. New supply in the IT city was up 14 per cent to 47,965 units from 42,215 units.
In Chennai, sales increased 5 per cent to 14,836 units from 14,097 units. New supply rose 74 per cent to 16,153 units from 9,310 units.
Delhi-NCR witnessed an 11 per cent rise in sales to 21,364 units from 19,240 units. Launches of new homes moved 34 per cent up to 20,572 units from 15,382 units.
Housing sales in Hyderabad grew 49 per cent to 52,571 units from 35,372 units. New supply was down 7 per cent to 76,819 units from 82,801 units.
In Kolkata, sales climbed 16 per cent to 12,515 units from 10,746 units. New supply increased significantly to 87 per cent to 15,303 units from 8,196 units.
In the report, Delhi-NCR includes Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad. Mumbai Metropolitan Region (MMR) includes Mumbai, Navi Mumbai & Thane.