Housing sales rise by 22% in top 8 cities in July-Sep 2023: Report
India’s leading eight residential markets have demonstrated robust growth, with a 22% increase in sales and a 17% rise in new supply during the third quarter of the calendar year (July-September 2023), as per the latest data by PropTiger.com.
The report, titled ‘Real Insight Residential – July-September 2023’, highlights that sales of residential units have climbed to 1,01,220 units in the third quarter from 83,220 units in the same period last year.
All cities, except Chennai, registered a growth in sales, with Mumbai Metropolitan Region (MMR) and Pune accounting for nearly half of the total volume.
The quarterly report by PropTiger.com tracks eight major housing markets, including Delhi-NCR, MMR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.
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Commenting on the report, Vikas Wadhawan, CFO of REA India and Business Head of PropTiger.com, said, “The housing markets in the top eight cities continue to gain momentum. The strong demand is bolstered by positive consumer sentiment.”
Wadhawan noted factors like pent-up demand, increased disposable income, stable interest rates, and renewed investor demand as key drivers of the sales growth.
PropTiger.com data show that Y-o-Y housing sales in Ahmedabad have risen 31 per cent to 10,300 units from 7,880 units. Sales in Bengaluru have registered the maximum growth of 60 per cent to 12,590 units from 7,890 units. Delhi-NCR recorded sales growth of 44 per cent to 7,800 units from 5,430 units. Hyderabad has witnessed a 34 per cent growth in sales to 14,190 units from 10,570 units. A 43 per cent growth in sales has been seen in Kolkata to 36,10 units from 2,530 units.
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