Indian Housing Market Sales Value to Touch Almost INR 5 Lakh Crore in 2023

Record-Breaking Sales in the Indian Housing Market

The total value of the housing inventory sold in 2023 is set to exceed Rs 4.5 lakh crore, marking a significant 38% increase over the total sales value of 2022, which was around Rs 3.27 lakh crore. This data, provided by Anarock Group, highlights a robust growth in the housing market.

Impressive Sales in the First Nine Months of 2023

In the initial nine months of 2023, the total sales value of residential properties in India's top seven cities reached approximately Rs 3,48,776 crore. During this period, about 3.49 lakh units were sold. Anuj Puri, the Chairman of Anarock Group, noted that the sales value in the first nine months of 2023 surpassed the total of 2022, attributing this to the increased demand for premium luxury homes and a rise in average prices by 8-18% in top cities.

Quarterly Growth and Future Projections

The first quarter of 2023 saw home sales worth Rs 1,12,976 crore in the top seven cities. This was followed by a 1% increase in the second quarter and a further 8% jump in the third quarter. Puri anticipates that the overall housing sales value will cross Rs 4.5 lakh crore by the end of 2023.

Regional Highlights in Housing Sales

Mumbai Metropolitan Region (MMR) led the sales with approximately Rs 1,63,924 crore worth of inventory sold, encompassing around 1,11,280 units. The National Capital Region (NCR) followed with cumulative sales of Rs 50,188 crore. Bengaluru and Hyderabad also saw significant sales, with homes worth approximately Rs 38,517 crore and Rs 35,802 crore, respectively. Pune, Chennai, and Kolkata also reported robust sales figures.

Expert Inference: An Unprecedented Upsurge in the Housing Sector

The data indicates an unprecedented upsurge in India's housing market, particularly in premium and luxury segments. This trend suggests a growing consumer confidence and a strong market recovery post-pandemic. The rise in average prices also points to an increasing value proposition in the real estate sector.