Housing sales surge by 36% in top 7 cities in Jul-Sep: Anarock Report

Housing sales in the top seven cities of India witnessed a remarkable 36% year-on-year increase in the July-September period, reaching a historic high of 120,280 units, according to Anarock, a leading real estate consultant. This surge is attributed to robust demand and stable mortgage rates. In the same period last year, housing sales stood at 88,230 units.

Anarock's report also revealed an 11% annual growth in average housing prices across these seven cities during the same quarter, with Hyderabad experiencing the highest rise at 18%.

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Quarterly sales for July-September achieved an all-time peak, emphasizing the housing market's strength during this period. The data covers sales of apartments, villas, and independent floors, excluding plots.

Anuj Puri, Chairman of Anarock, pointed out that the Mumbai Metropolitan Region (MMR) and Pune accounted for 51% of the total sales. He attributed this continued healthy sales momentum in part to the Reserve Bank of India's maintenance of the repo rate pause in recent monetary policies, which has kept home loan interest rates stable and bolstered housing purchase sentiment.

Key highlights from the report:

• Delhi-NCR saw a 6% increase in housing sales, totaling 15,865 units in July-September 2023, compared to 14,970 units in the same period the previous year.
• In MMR, housing sales grew by an impressive 46%, reaching 38,500 units from 26,400 units during the review period.
• Bengaluru witnessed a 29% surge in housing sales, with 16,395 units sold during July-September this year, up from 12,690 units in the corresponding period last year.
• Pune recorded the highest growth rate, with sales increasing by 63% to 22,885 units from 14,080 units.
  Hyderabad experienced a 41% rise in housing sales, totaling 16,375 units compared to 11,650 units.
  Chennai saw a 42% increase in housing sales, reaching 4,940 units from 3,490 units.
• Kolkata's housing sales increased by 7% to 5,320 units during July-September, compared to 4,950 units in the same period last year.

The report indicates that the desire for homeownership, driven by rising income levels, has led to strong housing demand over the past few years, with this trend expected to continue. Demand for luxury housing is also expected to remain robust as people seek upscale living experiences, and the supply is anticipated to keep pace with this demand.