In the top seven cities, quarterly home sales reached an all-time high in Q2 2023 with 1,15,100 units sold, up from 84,940 units sold in Q2 2022.
Despite rising home loan rates, housing sales in the second quarter of 2023 considerably outpaced those in the first, according to a report by Anarock Research. Despite numerous worldwide economic challenges, such as job losses and rising loan rates, the housing sector’s bull run persisted throughout the second quarter of the year.
In the top seven cities, quarterly home sales reached an all-time high in Q2 2023 with 1,15,100 units sold, up from 84,940 units sold in Q2 2022. This gain is equivalent to a 36% year-over-year increase.
Mumbai Metropolitan Region (MMR) and Pune accounted for 51% of the total sales among the top seven cities. According to Anarock, up to 58,770 units were sold in these cities. Pune experienced the largest increase in the number of units sold, up by 65%, according to the survey. In Q2 2023, 20,680 units were sold. While Bengaluru had an increase of 31% with 15,050 units sold in the second quarter, MMR saw an increase of 48% with 38,090 units sold.
Hyderabad had sales of 13,570 units in Q2 2023, a jump of 21% over Q2 2022, while Chennai saw sales of 5,490 units in Q2 2023, an increase of 44%. With sales of 5,780 units, the housing market in Kolkata saw a gain of almost 20% in Q2 2022.
Chennai sold 5,490 units in the second quarter of 2023, a 44% rise over the second quarter of 2022, while Hyderabad sold 13,570 units, a 21% increase. In Q2 2022, Kolkata’s housing market increased by about 20% thanks to sales of 5,780 units.
The NCR is the only region to experience annual growth in the single digits, at 7%. In the second quarter, 16,450 units were sold, compared to 15,340 units in Q2 2022.
According to Anarock, the top seven cities’ real estate values rose between 6 and 10% in the second quarter of 2023. This year-over-year increase is the result of rising demand overall and rising prices of raw materials for building. Hyderabad experienced the largest yearly price increase of 10%, with a rate of Rs 4,980 per square foot as of Q2 2023’s conclusion.
