Housing Sales Value To Cross INR 4.5 Lakh Cr In 2023
The unstoppable Indian residential sector surpassed all previous highs in 2023 with housing sales creating a new peak quarter-on-quarter. Concurrently, the overall sales value of sold housing inventory also inched higher. Even before Q4 2023 sales numbers are collated, the strong sales momentum indicates that the total value of homes to have found buyers in 2023 will cross the INR 4.5 lakh Crore mark - 38% higher than the total sales value of entire 2022, which saw INR 3.27 lakh Cr worth of homes sold. In just the first nine months of 2023, the total residential property sales value is already 7% higher than the whole of last year, with the top 7 cities seeing inventory worth approx. INR 3,48,776 Cr sold in this 9-months period. Entire 2022 saw approx. INR 3,26,877 Cr worth of inventory sold. Between January and September 2023, approx. 3.49 lakh units were sold in the top 7 cities, against approx. 3.65 lakh units in entire 2022. In value terms: The fact that the housing sales value in 9M 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.” In Q1 2023, homes worth INR 1,12,976 Cr were sold in the top 7 cities, Q2 2023 saw a jump of 1%, and then a further jump of 8% in Q3 2023. Sales in the ongoing festive quarter have been robust across these markets and the concluding quarter of 2023 will be no different. Thus, we expect the overall housing sales value to cross INR 4.5 lakh crore by 2023-end.
Tags : Indian residential sector demand premium luxury homes