Housing Sales Value Touches Record Highs in 2023; This Indian City Tops The List

In 2023, the Indian residential market was unstoppable and broke all previous records, with quarterly records being set in housing sales, a report by ANAROCK Research revealed. The total sales value of the sold housing stock has also increased marginally. There is very strong sales momentum this year and even before Q4 2023 sales figures are tallied, the total value of sold homes in 2023 has surpassed Rs 4.5 lakh crore which is 38% more than the total sales value of all of 2022. Last year, the sale of homes was valued at Rs 3.27 lakh crore.

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In the first nine months of 2023, the total value of residential property sales was 7% more than the value during the entire 2022. The top seven cities in India saw home units worth around Rs 3,48,776 crore sold till September '2023. In the top seven Indian cities, around 3.49 lakh units of homes were sold between January and September 2023, compared to approximately 3.65 lakh units sold during the whole of 2022.

Mumbai Metropolitan Region was at the top of the chart with Rs 1,63,924 crore (approx.) worth of inventory from 1,11,280 units (approx.) sold in the first nine months of 2023 followed by Delhi NCR with a tentative cumulative sales value of Rs 50,188 crore from 49,475 units (approx.). Bengaluru, Hyderabad, Pune, Chennai and Kolkata follow the top two urban centres on the list.

In terms of growth, Pune led the chart with the highest yearly jump of 96% in total sales values followed by Chennai (45%), Hyderabad (43%), Bengaluru (42%), Mumbai MR (41%), Delhi NCR (29%) and Kolkata (19%).

"The fact that the housing sales value in 9M 2023 exceeded that of the entire 2022 reflects the increased demand for premium luxury homes this year," Anuj Puri, Chairman of ANAROCK Group, said. "This makes it difficult to compare annual sales values apples to apples, especially since the top cities' average prices increased by 8–18% this year," Puri added.

Puri claimed that when comparing the sales figures for the quarters of 2023, there was steady growth in each one and that the total sales value had already surpassed Rs 1 lakh crore. "Homes worth Rs 1,12,976 crore were sold in the top 7 cities in Q1 2023; this amount increased by 1% in Q2 and then by 8% in Q3. Sales in these markets have been strong during the current holiday quarter, and they will continue to be so in the final quarter of 2023. We thus project that by the end of 2023, the total value of home sales will have surpassed Rs 4.5 lakh crore," Puri said.