India's January-March Housing Sales At Decade High
The sales figure in Q1 stood at 1,13,770 units, up about 14% year-on-year from Q1 2022.
India's housing sales hit a decade high with about 1.13 lakh units sold in the country's top seven cities in the January-March quarter, according to Anarock Property Consultants Pvt.
These cities are Pune, the National Capital Region, the Mumbai Metropolitan Region, Kolkata, Hyderabad, Chennai, and Bengaluru.
MMR and Pune, which together accounted for over 48% of all sales in the seven cities, led the demand.
"Despite global economic headwinds, including layoffs by several large and small corporations, the bull run in the Indian housing market continued in the first quarter of the year," Anarock said in a report.
The sales figure in the first quarter stood at 1,13,770 units, up about 14% year-on-year from Q1 2022.
"The residential market’s winning streak continued in the first quarter of 2023, with housing sales in top cities breaching the previous high of Q1 2022. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes (>Rs 1.5 crore)," said Anuj Puri, chairman, Anarock.
However, emerging headwinds such as inflation concerns and a possible rate hike by the Reserve Bank of India could "dent the housing market’s growth trajectory in the upcoming two quarters", Puri said.
New launches across the seven cities also breached the one lakh mark and witnessed a 23% yearly rise, from 89,140 units in Q1 2022 to over 1,09,570 units in Q1 2023.