Housing sales touch all time high in second quarter of 2023; Mumbai & Pune account for 51% of sales

Housing sales in the second quarter of 2023 has reached a record high with 1,15,100 units being sold in top 7 cities, said a report by Anarock research. The report also pointed out that the housing sector saw a spike in housing sales despite various global economic headwinds, including layoffs and high loan rates.

In comparison, only 84,940 units were sold in the second quarter of 2022 in top 7 cities. This is a 36% jump year-on-year. As per Anarock, of the top seven cities, Mumbai Metropolitan Region (MMR) and Pune accounted for 51% of the total sales. As many as 58,770 units were sold in these cities.

Pune sold 20,680 units in Q2 2023 which is a massive 65% jump compared to the previous year. Meanwhile Mumbai Metropolitan Region saw a hike of 48% with 38,090 units being sold, Bengaluru saw a spike of 31% with 15,050 units sold in the second quarter. Chennai saw sales of 5,490 units in Q2 2023, amounting to an increase of 44%, while Hyderabad recorded sales of 13,570 units, which is a spike of 21% over Q2 2022. Housing sales in Kolkata increased by over 20% in Q2 2022 with sales of 5,780 units.

Delhi-NCR is the only region to record single-digit yearly growth of 7%. It saw 16,450 units sold in the second quarter, while in Q2 2022 it was 15,340 units.

“The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023. Housing sales in the top 7 cities broke the previous high record of Q1 2023 and stood more than 1.15 lakh units in Q2 2023”, said Anuj Puri, chairman of Anarock Group.

Meanwhile, the new launches in the top seven cities breached the one lakh mark and witnessed a 25% increase year-on-year.