Housing Sales value in 2023 is Expected to Surpass the value of 2022

The unstoppable Indian residential sector surpassed all previous highs in 2023 with housing sales creating a new peak quarter-on-quarter. Concurrently, the overall sales value of sold housing inventory also inched higher. Even before Q4 2023 sales numbers are collated, the strong sales momentum indicates that the total value of homes to have found buyers in 2023 will cross the Rs. 4.5 lakh crore mark – 38percent higher than the total sales value of entire 2022, which saw Rs.3.27 lakh Cr worth of homes sold.

In just the first nine months of 2023, the total residential property sales value is already 7 percent higher than the whole of last year, with the top 7 cities seeing inventory worth approx. Rs.3,48,776 Cr sold in this 9-months period. Entire 2022 saw approx. Rs.3,26,877 Cr worth of inventory sold. 

Between January and September 2023, approx. 3.49 lakh units were sold in the top 7 cities, against approx. 3.65 lakh units in entire 2022. MMR topped the list with approx. Rs. 1,63,924 Cr worth of inventory (approx. 1,11,280 units) sold in the first nine months of 2023. NCR follows with approx. cumulative sales value of Rs. 50,188 Cr (approx. 49,475 units) sold in this period. Bengaluru saw homes worth approx. Rs 38,517 Cr (approx. 47,100 units) sold in 9M 2023. In Hyderabad, approx. 44,220 units worth approx. Rs. 35,802 Cr sold in the period. Pune saw approx. 63,480 units worth approx. Rs. 39,945 sold till Sept. 2023, indicating a higher traction of budget housing in the city. Chennai witnessed approx. 16,310 units worth approx. Rs.11,374 sold in 9M 2023. Kolkata saw the lowest overall value (approx. Rs. 9,025 crore) of housing inventory (17,280 units) sold in the period - again indicating higher sales of affordable homes.

Chairman of Anarock Group, Anuj Puri said, “The fact that the housing sales value in 9M 2023 exceeded that of the whole of entire 2022 reflects the increased demand for premium luxury homes this year. This, along with the fact that average prices in the top cities rose by anywhere between 8-18% this year, makes an apple-to-apple comparison of annual sales values challenging.”

He further mentioned that, If we look at the quarter-on-quarter sales values in 2023, each quarter saw consistent growth and overall sales value has already breached the Rs. 1 lakh crore mark. In Q1 2023, homes worth Rs. 1,12,976 Cr were sold in the top 7 cities, Q2 2023 saw a jump of 1percent, and then a further jump of 8 percent in Q3 2023. Real Estate Market witnessed robust sales in the ongoing festive quarter across these 9 major metro cities and the concluding quarter of 2023 will be no different.

Comparing the first nine months of 2022 and 2023 shows a 44 percent jump in total sales values of homes sold – from approx. Rs.2,43,027 Cr in 9M 2022 to approx. Rs.3,48,776 Cr in 9M 2023. Pune recorded the highest yearly jump (96 percent) in total sales values – from approx. Rs.20,406 Cr in 9M 2022 to approx. Rs.39,945 Cr in 9M 2023. Chennai saw a 45 percent jump in the overall housing sales values in the period – from approx. Rs.7,825 Cr in 9M 2022 to approx. Rs.11,374 crore in 9M 2023. Hyderabad saw homes worth approx. Rs. 35,802 Cr sold in 9M 2023, against a sales value of approx. Rs. 25,001 Cr in same period in 2022. In a year, Hyderabad saw housing sales increase by 43 percent. Bengaluru saw a 42 percent jump in total sales value – from approx.Rs. 27,045 Cr in 9M 2022 to approx. Rs.38,517 Cr in 9M 2023. MMR saw a yearly gain of 41percent, with total sales value of approx. Rs.1,63,924 Cr in 9M 2023 against approx. Rs.1,16,242 Cr in 9M 2022. At 19 perent, Kolkata saw the lowest yearly jump in overall sales values in 9M 2023 against corresponding period in 2022. NCR saw its overall housing sales value clock in at approx. INR 50,188 Cr in 9M 2023, against approx. INR 38,895 Cr in 9M 2022 - an annual increase of 29 percent. The overall value of homes sold in the city was approx. INR 9,025 Cr in 9M 2023, against INR 7,612 Cr in 9M 2022