Sales of residential unit rises in 8 major cities

Hyderabad Sales of residential units and new supply witnessed an 8 percent and 11 percent year-on-year (YoY) growth in the April-June quarter of 2023.The markets covered 8 major cities namely Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region and Pune, respectively, underscoring the resilience of the housing market reported PropTiger.com.

Mumbai and Pune continue to record the maximum traction, taking a combined share of 61 percent in overall sales in Q2 2023. Additionally the demand for premium units rose in Hyderabad as well.

According to Vikas Wadhawan, group CFO, REA India & Business Head PropTiger.com "India’s top eight residential markets continue on a growth path with sales rising by 8 percent in the June quarter. The RBI's decision to pause the hike in the key lending rate helped in sustaining strong positive sentiments for buying residential properties. The driving factors behind the uptick in housing sales over the last two years are pent-up demand from the COVID-affected period, growing appetite for homeownership, revival in the economy post-pandemic, and the evolving need for more spacious homes. We anticipate that the upward trend will persist, making the 2023 calendar year even better than the previous year in terms of sales performance.”

During Q2 2023, 15 percent of the residential units sold were classified as ready-to-move-in, while the remaining 85 percent were still under construction. The majority of sales, comprising 27 percent, were concentrated in the price range of INR 45-75 lakh, closely followed by the price range of over INR 1 crore, which accounted for 25 percent of the overall sales. A total of 80,250 units were sold in the eight cities in Q2 2023 compared to 74,320 in the year-ago quarter.