Housing sales rise 22%, new launches grow 17% in Jul-Sep across top 8 cities

New Delhi: Housing sales rose by 22 per cent and new supply by 17 per cent year-on-year across eight major cities during the July-September period on better consumer demand, according to real estate digital platform PropTiger.com.

Housing brokerage platform PropTiger, which is owned by REA India, released its 'Real Insight Residential - July-September 2023' report on Thursday.

REA India also owns Housing.com and Makaan.com.

Sales of residential units increased to 1,01,220 units in the third quarter of this year from 83,220 units in the same period last year across eight major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.

All cities, except Chennai, registered a growth in sales, with Mumbai Metropolitan Region (MMR) and Pune accounting for nearly half of the total volume.

New project launches rose 17 per cent to 1,23,080 units from 1,04,820 units during the period under review.

"The housing markets in the top eight cities continue to gain momentum. The strong demand is bolstered by positive consumer sentiment," Vikas Wadhawan, CFO of REA India and Business Head of PropTiger.com, said.

He attributed the rise in sales to factors like pent-up demand, increased disposable income, stable interest rates, and renewed investor demand.

As per the data of July-September 2023 against the year-ago period, 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 3,610 units from 2,530 units.

Sales in Mumbai have witnessed only a modest 5 per cent increase to 30,300 units from 28,800 units because of a higher base. Sales in Pune have grown 18 per cent to 18,560 units from 15,700 units.

Chennai is the only market that registered a decline in sales with unit sales dropping by 12 per cent to 3,870 units from 4,420 units.

In the July-September period, 14 per cent of units sold were ready to move in, and 31 per cent of sales occurred in the above Rs 1 crore price segment.

The data of the housing market includes sales of apartments and villas. Delhi-NCR includes the micro markets of Gurugram, Greater Noida, Noida, Faridabad and Ghaziabad. The MMR includes Mumbai, Thane and Navi Mumbai.