Despite challenges such as rising home loan rates and global economic headwinds, the Indian housing market experienced a bull run in the second quarter of 2023. Quarterly housing sales reached an all-time high, with over 1.15 lakh units sold across the top seven cities. This represents a 36% increase compared to the same period in 2022.
Sales Distribution
The cities of MMR (Mumbai Metropolitan Region) and Pune played a significant role in the housing sales, accounting for over 51% of the total sales in the top seven cities. Pune, in particular, witnessed the highest yearly rise of 65%. The combined sales in MMR and Pune amounted to 58,770 units.
New Launches
During Q2 2023, new launches in the top seven cities exceeded the one lakh mark, registering a 25% yearly rise. The total number of new launches rose from 82,150 units in Q2 2022 to over 1,02,610 units in Q2 2023. Once again, MMR and Pune led the way, contributing to 63% of the total new launches across the top seven cities. Individually, these cities saw a 31% and 29% increase in their new supply, respectively.
Market Momentum
Anuj Puri, chairman of ANAROCK Group, stated that the housing market has yet to feel the impact of the home loan rate hike and global economic challenges. The market continues to maintain strong momentum in the second quarter of 2023.
Overall Performance
Housing sales in the top seven cities surpassed the previous high record set in Q1 2023, reaching over 1.15 lakh units in Q2 2023. While Pune and MMR experienced a quarterly rise in housing sales (4% and 10% respectively), other cities saw a slight dip. However, on a yearly basis, most of the top seven cities witnessed a significant jump in housing sales.
New Launches Distribution
In Q2 2023, key cities contributing to new launches were MMR, Hyderabad, Pune, and Bengaluru. Together, they accounted for 84% of the new supply addition, with MMR being the prominent region.
The Indian housing market continues to demonstrate resilience and growth, with record-breaking housing sales in Q2 2023. Despite challenges, the market remains robust, driven by strong demand in MMR, Pune, and other key cities.
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