Housing sales in top eight cities witness 33% YoY growth in 2023: Report
Residential real estate sales in India were at their highest since the peak seen in 2013, witnessing a 33 percent YoY growth, with a total of 4.10 lakh units sold during calendar year 2023, according to the latest report by PropTiger.com.
According to the report titled ‘Real Insight Residential – Annual Round-up 2023 (January – December)’, India registered double-digit growth in both demand and new supply in the calendar year 2023 with new supply at an all-time high and sales velocity sustaining momentum.
The figures include the sales numbers for all four quarters in the calendar year for the top eight cities, including Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.
A total of 5,17,071 units were launched in 2023 as against 4,31,510 units in 2022, registering a sharp growth of 20 per cent YoY. Mumbai, Pune, and Hyderabad have been the frontrunners in terms of new supply in 2023, taking a combined share of 70 percent in the overall new launches in 2023.
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Stable interest rates are poised to boost home purchases and instill confidence in developers, enabling them to present more attractive offerings in the New Year, extending beyond the festive season. This stability sets a positive tone for the real estate sector as we step into a new phase of growth in 2024.
“Despite initial challenges, such as rising interest rates, escalating input costs, and surging real estate prices amid global uncertainties, the industry demonstrated exceptional resilience. The pent-up demand following the pandemic served as a key driver, propelling the property
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