Indians buying more houses by the day – sales at all-time high between April-June in metros

• Among these cities, the Mumbai Metropolitan Region (MMR), and Pune accounted for over half (51%) of the total sales, says an Anarock report
• The number of new launches rose from 82,150 units in Q2 2022, to over 102,610 units in Q2 2023.
• MMR and Pune dominated in terms of new supply, representing 63% of the total new launches across the top 7 cities.

Despite the recent surge in home loan rates and economic challenges, including layoffs by both large and small corporations, the Indian housing market has continued its upward trend in the second quarter of the year.

Housing sales in the top seven cities have reached an all-time high, with approximately 115,100 units sold in Q2 2023, According to the latest data from ANAROCK Research. This represents a 36% increase compared to the sales of around 84,940 units in Q2 2022. National Capital Region (NCR), MMR, Bengaluru, Pune, and Hyderabad together accounted for 90% sales in the quarter. MMR, and Pune accounted for over half (51%) of the total sales, with Pune witnessing the highest yearly growth of 65%. Collectively, these two cities contributed to the sale of 58,770 units.

Rise in new launches

Furthermore, new project launches in the top 7 cities surpassed the one lakh mark once again, experiencing a 25% year-on-year increase. The number of new launches rose from 82,150 units in Q2 2022 to over 102,610 units in Q2 2023. MMR and Pune dominated in terms of new supply, representing 63% of the total new launches across the top 7 cities. Individually, these cities observed a 31% and 29% yearly increase in their new supply, respectively.

Says Anuj Puri, Chairman, ANAROCK Group,“Housing sales in the top 7 cities broke the previous high record of Q1 2023, and stood at more than 1.15 lakh units in Q2 2023. Pune and MMR were the only two cities to see a quarterly rise in housing sales, of 4% and 10% respectively, while other cities saw some dip. But on a yearly basis, most top 7 cities saw a significant jump in housing sales.”

Increase in residential property prices

In Q2 2023, the average residential property prices in the top 7 cities experienced an increase ranging from 6% to 10% compared to Q2 2022. This rise can be attributed primarily to the escalation in prices of construction raw materials and the overall growth in demand.

Among these cities, Hyderabad witnessed the highest annual jump of 10%, with the average price reaching INR 4,980 per square foot by the end of Q2 2023.