Mumbai (Maharashtra) [India], June 28 : The bull run in the Indian housing market continued in the second quarter of 2023 despite spiralling home loan rates in the recent past and global economic headwinds, including layoffs by some large and small corporates.
According to data published by real estate consultancy firm Anarock, quarterly housing sales are at an all-time high with approximately 115,100 units sold in Q2 2023 across the top seven Indian cities, a 36 per cent yearly rise as against about 84,940 units sold the same quarter past year.
Data also revealed greater Mumbai and Pune accounted for over 50 per cent of the total sales, with the latter witnessing the highest 65 per cent yearly jump. As many as 58,770 units were sold altogether in these two cities.
Here is a table detailing the city-wise housing sales data in the said quarter:
Barring the recent pause, the RBI raised the repo rate, the rate at which the central bank lends to other banks, by 250 basis points cumulatively to 6.5 per cent since May 2022 in the fight against inflation, and was widely expected that it would put pressure on housing demand.
"The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023," said Anuj Puri, Chairman - ANAROCK Group.
"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," Puri added.
Meanwhile, new asset launches once again breached the one lakh mark and witnessed a 25 per cent yearly rise - from 82,150 units in April-June 2022 to over 1,02,610 units this year.
Interestingly, Mumbai and Pune again saw the maximum new supply, accounting for 63 per cent of the total new launches. Individually, the two cities saw a 31 per cent and 29 per cent yearly increase in their new supply, respectively.
Coming to the price points, the average residential property prices across the top Indian cities increased in the range of 6-10 per cent in Q2 2023, mainly due to an increase in the prices of construction raw materials and an overall rise in demand. Hyderabad recorded the highest 10 per cent annual jump and stood at Rs 4,980 per square feet.
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