In Maharashtra’s two key property markets, Mumbai and Pune, gross sales grew by 39 per cent and 16 per cent, respectively. (Representative picture)
In Delhi-NCR, housing gross sales dipped 24 per cent to three,800 items within the March quarter from 5,010 items a 12 months in the past.
Housing gross sales and new provide elevated 22 per cent and 86 per cent, respectively, throughout January-March this 12 months on higher demand, in line with residential brokerage agency PropTiger.com.
REA India, a full-stack actual property expertise platform, owns Housing.com, PropTiger.com and Makaan.com.
In its report titled Real Insight Residential – January-March 2023, PropTiger.com mentioned that housing gross sales rose to 85,850 items throughout eight cities in January-March 2023 from 70,630 items within the year-ago interval. New launches grew 86 per cent to 1,47,780 items — highest in 1 / 4 — from 79,530 items.
Reports of different property consultants have additionally reported a rise in housing gross sales throughout the January-March quarter regardless of an increase in mortgage charges within the final one 12 months.
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“The Indian housing market is witnessing a big progress, with each gross sales and new launches on the rise. This is especially noteworthy contemplating the difficult international atmosphere and the hardening of rates of interest on dwelling loans within the home market,” mentioned Vikas Wadhawan, Group CFO of PropTiger.com, Housing.com and Makaan.com.
The surge in new launches also provides evidence of real estate developers confidence in the market and their commitment to cater to the rising demand.
As per PropTiger data, Hyderabad witnessed maximum growth in sales of 55 per cent to 10,200 units during the January-March period from 6,560 units a year ago.
In Maharashtra’s two key property markets, Mumbai and Pune, sales grew by 39 per cent and 16 per cent, respectively.
While in Mumbai, sales of residential properties went up to 32,380 units in the first quarter of 2023 from 23,370 units in the same quarter of the previous year. Pune saw housing sales rising to 18,920 units in the first quarter of 2023 calendar year from 16,320 units in the year-ago period.
Housing sales in Ahmedabad were up 31 pc to 7,250 units in January-March 2023 from 5,540 units in the year-ago period. Sales of residential properties in Chennai increased 10 per cent to 3,630 units from 3,290 units.
However, the residential market in Delhi-NCR, Kolkata and Bengaluru remained subdued and witnessed a drop in property demand on a yearly basis in the first quarter of 2023.
In Delhi-NCR, housing sales dipped 24 per cent to 3,800 units in the March quarter from 5,010 units a year ago. Bengaluru witnessed a 3 per cent decline to 7,440 units from 7,680 units.
Housing sales in Kolkata dipped 22 per cent to 2,230 units in the period under review from 2,860 units in the corresponding months of the previous year.
REA India Head of Research Ankita Sood said: “The first quarter of 2023 definitely brings cheer to the residential realty market. Both demand and supply across the top 8 cities have registered double-digit growth.”
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