Housing sales surge 36% in April-June quarter despite global headwinds: Anarock

Housing sales touched a new peak in the April-June quarter of 2023 despite global economic headwinds including layoffs, according to the latest report by Anarock Group. In Q2 of 2023, housing sales surged as much as 36% year-on-year (YoY) to 1,15,100 units across seven cities. In contrast to this, only 84,940 units were sold in Q2 of 2022.  

Amongst the top 7 cities, Mumbai Metropolitan Region (MMR) and Pune accounted for more than 51% of the total sales of 58,770 units. Pune witnessed the highest 65% YoY surge in housing sales to 20,680 units. Mumbai Metropolitan Region’s housing sales registered a growth of 48% YoY to 38,090 units in the June quarter.

Housing sales in the National Capital Region (NCR) stood at 16,450 units, registering a 7% YoY growth against 15,340 units in Q2 of 2022. Bengaluru witnessed a 31% YoY increase in housing sales to 15,050 units in Q2 of 2023. Meanwhile, housing sales in Kolkata, Chennai and Hyderabad stood at 5,780 units, 5,490 units and 13,570 units, respectively.

"The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023. Housing sales in the top 7 cities broke the previous high record of Q1 2023 and stood at more than 1.15 lakh units in Q2 2023," says Anuj Puri, Chairman, Anarock Group.

In the June quarter of 2023, new launches in the top 7 cities stood at 1,02,610 units, witnessing a growth of 25% YoY, as against 82,510 units in Q2 of 2022. Of this, Mumbai Metropolitan Region, Hyderabad, Pune and Bengaluru accounted for 85% of new additions.

In Mumbai Metropolitan Region, newly launched houses surged by 31% to approximately 43,390 units. According to the report, more than 61% of new supply was added in the sub-₹80 lakh budget segment. Pune added approximately 21,350 new units in Q2 of 2023, registering a 29% YoY growth as against 16,560 units in Q2 of 2022. National Capital Region witnessed a 52% YoY growth in housing launches to 8,460 units in Q2 of 2023.

Chennai registered a growth of 71% YoY by adding approximately 5,040 units in Q2 of 2023, whereas Kolkata added approximately 2,460 units in Q2 of 2023, registering a growth of 22% YoY. Approximately 76% of new supply was added in the mid-segment priced between ₹40 lakh – ₹80 lakh, says the report.

However, Hyderabad and Bengaluru witnessed a decline of 51% YoY and 9% YoY in terms of new housing launches. Hyderabad added approximately 10,470 units in Q2 2023. Over 43% of new supply in Q2 2023 was added in the high-ticket price segment priced more than ₹1.5 crore, according to the report. Bengaluru added approximately 11,440 units in Q2 2023, declining yearly by 9%. Approximately 68% of new supply was added in the mid-range and premium segments combined, i.e., the ₹40 lakh – ₹1.5 crore price bracket.