Mumbai leads with 40% surge in housing sales; top-7 cities sell 4.7 lakh units: Report

In 2023, the Mumbai Metropolitan Region experienced a significant surge in housing sales, despite the prevailing challenges of high home loan interest rates and soaring property prices nationwide. According to the latest data from Anarock Research, the top-7 real estate markets in India, including MMR, witnessed a 31% increase in housing sales last year.

Notably, MMR stood out with a 40% rise in housing sales, marking a substantial leap from the previous year. A total of 153,870 homes were sold in MMR in 2023, compared to 109,730 units in 2022. Additionally, MMR led in terms of completed residential projects, with a staggering 143,500 units finalized in 2023.

Anarock Group Chairman, Anuj Puri, highlighted that 2023 saw the highest annual completion of residential units, with over 435,000 homes achieving ready-to-move-in status across the top-7 cities. Looking ahead, Puri noted that more than 531,000 units are slated for completion in these cities in 2024.

The surge in housing sales was not limited to MMR alone. Across the top-7 cities, a total of 476,530 housing units were sold in 2023, marking a 31% year-on-year increase. Pune followed MMR with approximately 86,680 units sold, while the National Capital Region (NCR) witnessed the sale of 65,625 units.

Reflecting on the pricing dynamics, Anarock's report revealed an annual price hike ranging from 10% to 24% across the top-7 cities in 2023. Hyderabad experienced the highest jump of 24%, followed by Bengaluru with an 18% increase in average housing prices.

Despite the price appreciation, demand remains robust, with expectations of an 8-10% average price increase across the top-7 cities in 2024. Furthermore, there's been a noticeable uptick in demand for luxury housing, with a five-fold increase in supply compared to 2018, indicating sustained interest in premium properties.

In terms of completion, MMR and NCR led the pack, with 143,500 and 114,280 units completed, respectively, in 2023. Pune, Bengaluru, Hyderabad, and Chennai collectively saw the completion of 87,190 units, while Kolkata witnessed the finalization of 25,075 houses last year.

Also Watch: Luxury home sales surge 75% in top 7 cities: CBRE report