Housing sales in 2023 set to cross Rs 4.5 lakh crore mark, up from Rs 3.2 lakh crore last year, says report

Between January and September 2023, about 3.49 lakh units were sold in the top seven cities, against 3.65 lakh units in all of 2022.

Housing sales in 2023 are set to cross the Rs 4.5 lakh crore mark, up from Rs 3.27 lakh crore last year, on the back of high demand, a report by ANAROCK said. The housing sales across the top seven cities has already touched Rs 3.49 lakh crore in the first nine months of 2023, up by 7 percent of the entire 2022 sales value, it added.

Between January and September 2023, about 3.49 lakh units were sold in the top seven cities, against 3.65 lakh units in all of 2022.

"In just the first nine months of 2023, the total residential sector sold inventory worth Rs 3,48,776 crore while the entire 2022 saw Rs 3,26,877 crore worth of sales. A comparison of the first nine months of 2022 and 2023 shows a 44 percent jump in total sales values of homes sold," the report added.

The seven cities include Mumbai, NCR, Bengaluru, Hyderabad, Pune, Chennai, and Kolkata.

Mumbai sold the most, Bengaluru third

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Mumbai Metropolitan Region (MMR) topped the list with Rs 1,63,924 crore worth of sales in the first nine months of 2023.

NCR follows with a cumulative sales value of Rs 50,188 crore sold in this period.

Bengaluru is listed as the third with a sales value of Rs 38,517 crore, followed by Hyderabad with Rs 35,802 crore sales.

Pune sold Rs 39,945 crore, and Chennai sold Rs 11,374 crore worth inventories and Kolkata stood last with sales of Rs 9,025 crore.

"The fact that the housing sales value in nine months of 2023 exceeded that of the whole of 2022 reflects the increased demand for premium luxury homes this year. This, along with the fact that average prices in the top cities rose by anywhere between 8-18 percent this year, makes an apple-to-apple comparison of annual sales values challenging," Anuj Puri, Chairman of ANAROCK Group added.