1.14 lakh units of housing were sold in the top seven Indian cities in Q1 2023, up more than 99,500 units from the corresponding time in 2022.
The bull run in the Indian property market continued in the first quarter of the year despite global economic challenges, including layoffs by numerous large and small corporations. According to the most recent Anarock data, quarterly home sales reached an all-time high in the previous ten years, with over 1,13,770 units sold in Q1 2023 throughout the top seven cities. Compared to the approximately 99,550 units sold in Q1 2022, there has been an annual increase of 14%.
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The number of new launches in the top seven cities exceeded the one lakh mark and increased by 23% annually, from 89,140 units in the first quarter of 2022 to over 1,09,570 units in the first quarter of 2023. Intriguingly, MMR and Pune saw the newest supply once more, making about 52% of all new releases in the top seven cities.
Individually, the two cities had annual increases in their fresh supply of 58% and 34%, respectively. By the end of the first quarter of 2023, the available inventory in the top seven cities was roughly the same at 6.27 lakh units, despite spiraling new launches in both this and the previous quarter. The unsold stock decreased by 1% across the top seven cities on a quarter-over-quarter basis. In Q1 2023, NCR experienced the greatest reduction in its unsold stock among the major cities, reaching a whopping 22%.
In Q1 2023, around 1,13,770 units were sold, which is a 14% increase over Q1 2022. Together, NCR, MMR, Bengaluru, Pune, and Hyderabad were responsible for 89% of the quarter’s revenues.
Pune sold 19,920 units in Q1 2023, up 42% from Q1 2022; NCR is the only city among all cities to experience a decline in housing sales (of 9%), from 18,835 units in Q1 2022 to nearly 17,160 units in Q1 2023; MMR and Bengaluru experienced increases in housing sales of 19% and 16%, respectively, from Q1 2022 to Q1 2023, with approximately 34,690 and 15,660 units sold, respectively;
Price fluctuation
When comparing Q1 2023 to Q1 2022, the average residential property prices across the top seven cities grew by around 6–9%, primarily as a result of rising demand and the cost of construction-related raw materials. The largest annual jump (nine%) was observed by MMR and Bengaluru.
Obtainable stock
Despite significant new supply being introduced to the top seven cities in Q1 2023, we observed that available inventory was largely unchanged from Q1 2022 to Q1 2023. As of Q1 2023’s conclusion, there are approximately 6.27 lakh units altogether in the top seven cities. When compared to Q1 2022, NCR saw the highest reduction in available inventory in Q1 2023—by 22%.
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