Sales of residential flats up 20% across 7 cities in Jan-Mar, Bengaluru leads market: JLL

Across 7 cities of India, sales of residential units in January-March went up by 15 per cent compared to the previous quarter, with over 62,000 units sold.

Published on: Apr 6, 2023, 16:21:43 IST

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Real estate consultant JLL India on Wednesday said sales of apartments in January-March across seven major cities rose 20 per cent to 62,040 units, the highest quarterly sales in the last 15 years.

The data includes sales of only apartments. Rowhouses, villas and plotted developments are excluded from this analysis.

"The Indian residential market saw significant growth in Q1 2023 due to a combination of factors, such as government policies, infrastructure growth and robust launches," the company said in a statement.

READ | Bengaluru sees spike in housing prices, rentals; sales drop: Knight Frank

Across the top 7 cities of India, sales of residential units in January-March went up by 15 per cent compared to the previous quarter and 20 per cent against the same quarter last year, with over 62,000 units sold.

"This marks the highest quarterly sales in the last 15 years, indicating increased consumer confidence," JLL said.

Bengaluru is currently leading the market in terms of quarterly sales, with a 21 per cent share, closely followed by Mumbai with a 20.9 per cent share.

Pune is not far behind as it contributed 19.4 per cent of the quarterly sales.

READ | In Bengaluru, landlords call the shots as techies fight for flats

Delhi-NCR has also posted impressive sales numbers, primarily due to the robust launches by established developers, particularly in Gurugram.

The consultant noted that ten months ago, it was easier for people to afford homes.

"But now, things are harder because interest rates for loans have gone up, and residential prices in India's top seven cities have increased by 4-12 per cent compared to last year.

"The rise in prices is seen across the spectrum of projects that have high demand and less ready-to-move inventory. Even new phases of existing housing projects are being launched at higher prices," the statement said.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More