The demand for residential sales in India in 2023 was driven by larger residences, upgrades to premium properties of above ₹1 crore and a youthful buyer population, most of them were in their early to mid-thirties. Additionally, early signs point to the trend continuing "prominently" in 2024 as developers refine their launches to appeal to a "younger buyer profile" and a "more aspirational" market. According to ANAROCK analysis, home sales in the top seven cities during the first nine months of 2023 totalled 3.49 lakh, or 96% of the total sales for the entire year 2022. Additionally, "the trend for Q4 (October–December) looks equally strong".
According to Anuj Puri, Chairman of ANAROCK, over the course of the year, a number of developers launched a substantial number of new projects. 3.28 units were introduced in 9 months in 2023, a 24% increase over the 2.65 lakh units introduced in 2022.
The average price of a home increased by 8–10% overall in 2023 compared to the previous year. If the current momentum continues, average prices across cities could rise by as much as 12% in 2024.
He asserts that despite rising interest rates and worldwide challenges, demand for residential real estate "remained at an all-time high" in all locations. The average price of real estate in the top seven cities rose by over 11% annually, from ₹6,105 per square foot in Q3 2022 to around ₹6,800 per square foot at the end of September in 2023.
According to Aakash Ohri, Joint Managing Director and Chief Business Officer of DLF, "This demand is supported by quality supply being launched by leading developers, including DLF, who are launching projects across configurations such as independent floors, villas, and condominiums."
Developers in this market are able to take advantage of the high profit margin, self-liquidating segment while simultaneously meeting the demand for high-quality homes and fortifying their financial sheets.
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