Housing sales rose 31 per cent this year to nearly 4.77 lakh units -- an all-time high -- across seven major cities, despite price appreciation by an average 15 per cent, and higher mortgage rate, according to Anarock.
Real estate consultant Anarock on Thursday released the annual data of seven major primary housing market, showing that housing sales increased to 4,76,530 units this calendar year from 3,64,870 units in 2022.
Anarock Chairman Anuj Puri said, "2023 has been phenomenal for the Indian housing sector, despite global headwinds, rising domestic property prices, and interest rate hikes over the first half this year."
Housing sales in the top 7 cities breached the previous high of 2022, and new launches stayed in step with the current housing demand, he added.
Puri said it was widely expected that rising property prices and interest rates, along with global market uncertainties, would impact residential sales, but high demand sustained.
As per the data, Mumbai Metropolitan Region (MMR) saw the highest sales among top seven cities, followed by Pune.
Sales in MMR rose 40 per cent to 1,53,870 units this year from 1,09,730 units in the previous year.
Pune saw a 52 per cent increase in housing sales to 86,680 units from 57,145 units.
In Delhi-NCR, sales grew only 3 per cent to 65,625 units from 63,710 units.
Housing sales in Bengaluru went up 29 per cent to 63,980 units from 49,480 units.
Hyderabad witnessed a 30 per cent growth in sales to 61,715 units from 47,485 units.
Sales in Kolkata rose 9 per cent to 23,030 units from 21,220 units.
In Chennai, sales increased 34 per cent this year to 21,630 units from 16,100 units in the last calendar year.
The last peak in the decade was seen in 2022 after 2014, which saw 3.43 lakh units sold in these seven cities.
On supply side, Anarock said that new launches across top seven cities rose 25 per cent to 4,45,770 units in 2023, as opposed to 3,57,640 units in 2022.
The MMR market led in new supply as well. New launches in MMR rose 27 per cent to 1,57,700 units this year from 1,24,650 units in the last year.
Anarock said housing prices appreciated 15 per cent on an average to Rs 7,080 per sq ft from Rs 6,150 per sq ft last year.
Across these seven cities, the consultant said housing prices rose 10-24 per cent, primarily due to increased input costs and strong demand.
Hyderabad recorded the highest yearly jump of 24 per cent in average residential prices to nearly Rs 5,750 per sq ft in 2023 from Rs 4,620 per sq ft last year.