Housing sales for Delhi-NCR cross ₹50,000 crore mark

According to Anarock, the top seven cities in India saw inventory worth ₹3.48 lakh crore sold in the first nine months

Housing sales across the top seven markets in India saw a massive boost this year, registering more sales in the first nine months of 2023 than in 2022 in its entirety, real-estate consultancy firm Anarock said in a report released on Thursday. The report also noted that Delhi-NCR was the second-best performing market in the industry, with sales of more than ₹50,000 crore.

Delhi-NCR saw cumulative sales of ₹50,188 crore (49,475 units). (HT Archive)

According to Anarock, the top 7 cities in India saw inventory worth ₹3.48lakh crore sold in the first nine months, compared to the ₹3.26 lakh crore generated through the sale of residential property in 2022. The firm also predicted that given the strong trends this year, housing sales in 2023 could touch ₹4.5 lakh crore.

As per the data, Mumbai topped the list, with sales of ₹1.63 lakh crore worth of inventory (around 111,280 units) in the first nine months of 2023. This was followed by Delhi-NCR, with cumulative sales of ₹50,188 crore (49,475 units).

The other cities in the top seven market were Bengaluru, with homes sales worth ₹38,517 crore (47,100 units) in the first nine months of 2023; Hyderabad with ₹35,803 crore (44,220 units), Pune with ₹39,945 crore (63480 units), Chennai with ₹11374 crore (16310 units), and Kolkata with ₹9025 crore (17280 units).

Read Here: Housing sales may increase by 38% in 2023 to touch ₹4.5 lakh crore across top 7 cities

The sales for Delhi-NCR represented a 29% growth — the region had witnessed sales worth ₹38,895 crore in first nine months of 2022.

Anuj Puri, chairman of Anarock group, said, “The fact that the housing sales value in nine months of 2023 exceeded that of the whole of entire 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% this year, makes an apple-to-apple comparison of annual sales values challenging.”

Ansal Housing director Kushagr Ansal said the sales witnessed in 2023 reflect a paradigm shift in India’s residential market, with a 7% surge in sales value during the first three quarters of 2023 compared to all of the preceding year. “The demand for premium luxury homes has emerged as a key driver, propelling prices skyward and reshaping the residential sector,” he said.

“Housing sale in NCR, particularly Gurugram, has seen a rise in luxury home sales, particularly among HNIs and UNHIs and affluent millennials who prefer to stay close to work and enjoy a convenient lifestyle. The sector is expected to sustain strong sales momentum in this festive quarter,” said Adil Altaf, director sales and CRM, Whiteland Corporation.

Mohit Jain, managing director, Krisumi corporation, sad the demand for quality housing was at an all-time high. “We launched a project in Gurugram Sector 36A, and all the 322 units were sold within three days. With rapid infrastructure growth and expressways getting built, Gurugram is likely to maintain a pivotal position,” he said.

Developers also called on the governments of NCR states to focus on creating an enabling environment to ensure that the market remains strong, and to ensure that there is enough liquidity to ensure project funding is available at a reasonable cost.

“We want the government to remove the ban on fourth floors in Gurugram, and to rationalise the proposed hike in circle rates. This will further give a boost to market and sales will get boosted,” said Sanjeev Thakur, a city-based real-estate broker.