Mumbai vs Hyderabad vs Bengaluru vs Delhi vs Pune: Property sale, supply and price trends in Q3 2023
The residential property segment in India remained unstoppable in Q3 2023, despite the usually slow monsoon quarter. According to the latest Anarock Research data, Q3 2023 saw housing sales across the top 7 cities create another new peak with approximately 1,20,280 units sold, against approximately 88,230 units in Q3 2022. Data shows that there has been a 36% annual sales growth in the residential housing segment.
“Among the top 7 cities, MMR recorded the highest housing sales of approx. 38,500 units, followed by Pune with approx. 22,880 units,” said Anuj Puri, Chairman, Anarock Group.
“Cumulatively, the two western cities accounted for 51% of total sales seen across the top 7 cities in Q3 2023. In terms of growth, MMR saw a 46% annual rise in housing sales, while Pune saw a massive 63% yearly jump,” he added.
The top 7 cities also witnessed significant new supply with over 1,16,220 units added in the quarter, against 93,490 units in the corresponding period of 2022 – a 24% annual supply increase.
“City-wise, MMR also topped in new supply with approx. 36,250 units added in Q3 2023 – a modest 1% annual growth. Hyderabad, on the other hand, saw a 60% yearly rise in supply with approx. 24,900 units added in this period,” said Puri.
In terms of budget segments, the mid-range segment (homes priced between Rs 40–80 lakh) continued to dominate with a 28% share of the total new supply in Q3 2023. The luxury segment (homes priced >Rs 1.5 Crore) and premium segment (Rs 80 lakh – Rs 1.5 Crore) were close behind with a 27% share each.
Despite increased new supply, existing housing inventory saw a 3% yearly decline across the top 7 cities – from approx. 6.30 lakh units by Q3 2022-end to approx. 6.10 lakh units as on Q3 2023-end.
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