India’s Top 8 Housing Markets See 22% Increase in Sales and Bumper Growth: Report.

According to the most recent data from PropTiger.com, the top eight residential markets worldwide have shown strong growth, with a 22% in sales and a 17% increase in new supply during the third quarter of the calendar year (July-September 2023).

According to a report published by PropTiger.com titled “Real Insight Residential– July-September 2023,” residential unit sales rose to 1,01,220 in the third quarter from 83,220 units during the same period in the previous year.

All cities saw rises in sales, with the Mumbai Metropolitan Region (MMR) and Pune contributing nearly half of the total volume, excluding Chennai. 

The quarterly report tracks eight key housing markets: Delhi-NCR, MMR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.

Sales information on apartments and villas is part of the data on the housing market. The micro-markets in Gurugram, Greater Noida, Faridabad, and Ghaziabad are all part of Delhi-NCR. Mumbai, Thane, and Navi Mumbai are all part of the MMR. 

The business head of PropTiger.com and CFO of REA India, Vikas Wadhwan, stated: “The housing markets in the top eight cities are still expanding. Positive customer sentiment supports the robust demand.” 

Pent-up demand, rising disposable income, steady interest rates, and rekindled investor demand were among the main drivers of the sales growth, according to Wadhawan. 

  • According to data from PropTiger.com, Ahmedabad’s year-over-year growth in housing sales is 31% higher, reaching 10,300 units from 7,880 units.
  • Sales in Bengaluru have registered a maximum growth of 60% to 12,590 units from 7,890 units. 
  • Delhi-NCR saw a 44% increase in sales, from 5,430 to 7,800 units. 
  • Hyderabad saw a 34% increase in sales from 10,570 units to 14,190 units. 
  • Sales in Kolkata have increased by 43% to 36,10 units from 2,530 units. 
  • Due to a higher base, sales in Mumbai have only slightly increased, from 28,800 units to 30.300 units. 
  • Pune’s sales increased by 18% to 18,650 units from 15,700 units. 
  • The only market to see a drop in sales was Chennai, where sales of 3,870 units fell from 4,420 units, a 12% decrease. 

“The market is consolidating, with demand centered around reputable developers, which gives homebuyers renewed confidence, especially for projects still under construction. It was not the case a few years ago.” 

31% of sales in the Q3 period occurred in the price range above Rs 1 crore, and 14% of units sold were ready to move into. 

The chief of research for PropTiger.com, Housing.com, and Makaan.com, Ankita Sood, stated: “Despite global difficulties, Indian real estate markets are strengthening in all major cities. The 22% rise in property sales from July to September and the 17% year-over-year growth in new launches indicate that we are in the midst of a residential real estate upcycle. We predict the holiday season will result in further revenue, perhaps breaking previous year’s records.” 

Regarding new supply, Ahmedabad grew the fastest, reaching 16,670 units, while other cities showed erratic trends. Even so, things remained positive overall, with 123,080 new units arriving– a 17% increase across the eight markets.