Residential sales in the eight major cities rose 22 per cent year-on-year and the rate of new project launches rose 17 per cent in July-September, driven by good consumer demand. Real estate digital platform PropTiger.com has given this information.
REA India-owned housing brokerage platform PropTiger released its ‘Real Insight Residential – July-September 2023’ report on Thursday. REA India also owns Housing.com and Makaan.com.
According to the report, sales of residential units in the eight major cities of Delhi-NCR (National Capital Region), Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, Pune and Ahmedabad increased to 1,01,220 units in the third quarter. of this year. happened It was 83,220 units in the same period last year.
All cities except Chennai saw a growth in sales. The share of Mumbai Metropolitan Region (MMR) and Pune was very low in the total sales.
The rate of issuance of new projects increased by 17 percent during the period under review. During this period, 1,23,080 units were launched, while 1,04,820 units were released in the same period last year.
Vikas Wadhavan, Chief Financial Officer, REA India and Head (Business), PropTiger.com, said, “Residential markets in the top eight cities continue to boom. Strong demand has been fueled by positive consumer sentiment.
He attributed the increase in sales to factors such as rising disposable income, stable interest rates and investor demand.
According to July-September 2023 data, sales in Hyderabad increased by 34 percent to 14,190 units from 10,570 units. Housing sales in Ahmedabad increased by 31 percent year-on-year to 10,300 units, as against 7,880 units in the same period last year. Sales in Bengaluru increased from 7,890 units to 12,590 units, a maximum growth of 60 percent.
Sales in Delhi-NCR increased by 44 percent to 7,800 units from 5,430 units. Sales in Kolkata increased to 3,610 units from 2,530 units.
Mumbai saw a marginal increase in sales of only five percent. Year-on-year sales increased from 28,800 units to 30,300 units. Sales in Pune increased by 18 percent to 18,560 units from 15,700 units.