Housing sales value in top 7 cities to cross Rs 4.5 lakh cr in 2023: ANAROCK

financialexpress.com:

The unstoppable Indian residential sector surpassed all previous highs in 2023 with housing sales creating a new peak quarter-on-quarter. Concurrently, the overall sales value of sold housing inventory also inched higher.

Even before Q4 2023 sales numbers are collated, the strong sales momentum indicates that the total value of homes to have found buyers in 2023 will cross the Rs 4.5-lakh crore mark — 38% higher than the total sales value of entire 2022, which saw Rs 3.27 lakh cr worth of homes sold, according to ANAROCK.

In just the first nine months of 2023, the total residential property sales value is already 7% higher than the whole of last year, with the top 7 cities seeing inventory worth approx. Rs 3,48,776 cr sold in this 9-month period. The entire 2022 saw approx. Rs 3,26,877 cr worth of inventory sold.

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Between January and September 2023, approx. 3.49 lakh units were sold in the top 7 cities, against approx. 3.65 lakh units in the entire 2022. In value terms:

* MMR topped the list with approx. Rs 1,63,924 cr worth of inventory (approx. 1,11,280 units) sold in the first nine months of 2023.

* NCR follows with approx. cumulative sales value of Rs 50,188 cr (approx. 49,475 units) sold in this period.

* Bengaluru saw homes worth approx. Rs 38,517 cr (approx. 47,100 units) sold in 9M 2023.

* In Hyderabad, approx. 44,220 units worth approx. Rs 35,802 cr sold in the period.

* Pune saw approx. 63,480 units worth approx. Rs 39,945 cr sold till Sept. 2023, indicating a higher traction of budget housing in the city.

* Chennai witnessed approx. 16,310 units worth approx. Rs 11,374 cr sold in 9M 2023.

* Kolkata saw the lowest overall value (approx. Rs 9,025