Top 7 Indian cities register 31% surge in housing sales to record 4.77 lakh units in 2023 so far: Property consultant

Seven Indian cities—New Delhi, Mumbai, Bengaluru, Pune, Chennai, Kolkata and Hyderabad—witnessed a year-on-year surge of 31 per cent in housing sales to an unprecedented 4,76,530 units so far in 2023, according to real estate consultant ANAROCK. The jump came about despite an average 15 per cent appreciation in property prices and higher mortgage rates, the consultant wrote in a report.

"2023 has been phenomenal for the Indian housing sector, despite global headwinds, rising domestic property prices, and interest rate hikes over the first half of this year," said Anuj Puri, Chairman, ANAROCK. 

The total sales figure of the seven cities surpassed a previous high, recorded in 2022, with new launches aligning with the existing housing demand, according to ANAROCK.

Here's a summary of housing sales numbers in the seven cities, as laid out by the property consultant: 

Contrary to expectations that increasing property prices, rising interest rates, and global uncertainties dampen residential sales, the data reveals sustained high demand in the seven markets, according to ANAROCK.

Among the top seven cities, the Mumbai Metropolitan Region (MMR) led with sales of 1,53,870 units, followed by Pune with 86,680 units.

Here's a summary of new supply in the seven cities:

The total new supply increased by one-fourth to 4,45,770 units in the seven cities, according to the report. 

Here's a summary of the price trends in the seven cities:

With input from agencies