Housing Sales Across Top 8 Cities At 6-Year High In July-Sep Quarter: Knight Frank

Knight Frank's report shows a 5% increase in housing sales in Chennai, from 3,685 units to 3,870 units. Moreover, Kolkata saw a significant increase in sales, with numbers more than doubling from 1,843 units to 3,772 units. The report also notes that housing prices have risen in all markets year-on-year, reflecting the growing demand.

Press Trust of India

Updated on: 4 October 2023 2:45 pm

Housing sales grew by 12 per cent year-on-year in July-September to 82,612 units -- six-year high in quarterly sales volume, across eight major cities on strong demand, according to Knight Frank.

Housing sales stood at 73,691 units in the year-ago period across eight major cities.

In its report released on Wednesday, Knight Frank India said, the growth in sales is noteworthy considering that it constitutes an almost six-year high in quarterly sales volumes.

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As per the data, housing sales in Mumbai rose 4 per cent to 22,308 units during the July-September quarter, from 21,450 units in the year-ago period.

In Delhi-NCR, housing sales grew 27 per cent to 13,981 units, from 11,014 units during the period under review.

Sales of residential properties in Bengaluru were up marginally to 13,169 units from 13,013 units, while Pune saw a 20 per cent growth in sales to 13,079 units from 10,899 units.

Housing sales in Hyderabad went up 5 per cent to 8,325 units from 7,900 units and in Ahmedabad, housing sales grew 6 per cent to 4,108 units from 3,887 units.

Chennai witnessed a 5 per cent growth in sales to 3,870 units from 3,685 units, while in Kolkata housing sales jumped more than two fold to 3,772 units from 1,843 units.

"Price levels have also grown in tandem with demand across all markets in Y-o-Y terms," Knight Frank said.

Housing prices in Hyderabad saw the most significant rise at 11 per cent YoY.

Prices of residential properties rose 7 per cent in Kolkata, 6 per cent each in Bengaluru and Mumbai, 5 per cent in Pune, 4 per cent each in Ahmedabad and Delhi-NCR, and 3 per cent in Chennai.

"Residential sales continue to gain momentum, reaching multi-year highs. Although inventory levels have seen a significant rise due to developers launching projects to cater to this robust demand, the overall market health is improving, with strong sales velocity," Shishir Baijal, Chairman and Managing Director of Knight Frank India, said.

Baijal further said, "elevated interest rates and prices have had little impact on higher-ticket-size homebuyers, but the affordable segment has been severely affected, necessitating further interventions to stimulate demand and enhance development viability".