Sales of apartments across seven major cities are estimated to rise by 20 per cent to around 2.6 lakh units, the highest since 2008, on better demand, according to JLL India.
Sales stood at 2,15,621 units in the last calendar year in Delhi-NCR, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune.
Real estate consultant JLL India on Thursday said sales in the first nine months of 2023 reached 1,96,227 units as against 1,61,575 units in the year-ago period.
Only apartments are covered in the report while row houses, villas, and plotted developments are excluded. Mumbai includes Mumbai city, Mumbai suburbs, Thane and Navi Mumbai.
In 2024, the consultant expects residential sales to be around 2,90,000 to 3,00,000 units on the back of robust demand and quality launches.
"Despite the increase in home loan interest rates and rising prices, the overall sentiment in the domestic housing market remains positive, with homebuyers maintaining an upbeat attitude towards purchasing homes.
"In 2023, residential sales are expected to surpass 2,60,000 units and launches 2,80,000 units to reach a historic high post-2008," Samantak Das, Chief Economist and Head of Research, India at JLL, said.
Commenting on the report, Akhil Saraf, founder of HDFC Capital-backed Reloy, said the real estate industry has undergone a comprehensive transformation in recent years, encompassing regulatory changes and a shift in the mindset of both suppliers and consumers.
Reloy helps builders in generating referral sales.
"Developers are increasingly adopting a customer-centric approach, focusing on meeting the specific needs and demands of homebuyers. This renewed focus has bolstered confidence among potential buyers, reaffirming real estate as a viable asset class," Saraf added.
Pradeep Aggarwal, Chairman of realty firm Signature Global, said the real estate sector has witnessed an impressive surge this year across major cities, including Delhi-NCR.
"In areas like Dwarka Expressway, New Gurugram, South of Gurugram (Sohna) and SPR (Southern Peripheral Road), residential demand has seen a significant upswing, driven by a keen interest from buyers towards mid-housing and massive infrastructure development in these locations," Aggarwal said.
Construction and real estate firm BCD Group MD Angad Bedi said the real estate sector has demonstrated remarkable resilience in 2023 despite uncertainties related to the global recession and rising interest rates.