Housing sales at all time high despite economic headwinds, Pune sees 65% jump in sales: Anarock

Housing sales in the second quarter of 2023 has far surpassed the previous peak of the first quarter in 2023 despite spiraling home loan rates, said a report by Anarock Research. The bull run in the housing sector continued for the second quarter of the year despite various global economic headwinds, including layoffs and high loan rates. 

Quarterly housing sales are at an all-time high with 1,15,100 units that were sold in Q2 2023, as compared to 84,940 units that were sold in Q2 2022 in the top seven cities. This jump amounts to a 36 per cent increase on-year. 

Of the top seven cities, Mumbai Metropolitan Region (MMR) and Pune accounted for 51 per cent of the total sales. As many as 58,770 units were sold in these cities, stated Anarock. 

As per the report, Pune saw the highest jump in the number of units sold at 65 per cent. It sold 20,680 units in Q2 2023. MMR saw housing sales increased by 48 per cent with 38,090 units sold, while Bengaluru saw an increase of 31 per cent with 15,050 units sold in the second quarter.

Chennai saw sales of 5,490 units in Q2 2023, amounting to an increase of 44 per cent, while Hyderabad recorded sales of 13,570 units, which is a spike of 21 per cent over Q2 2022. Housing sales in Kolkata increased by over 20 per cent in Q2 2022 with sales of 5,780 units. 

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NCR is the only region to see a single-digit yearly growth – of 7 per cent. It saw 16,450 units sold in the second quarter, while it was 15,340 units in Q2 2022.

Anuj Puri, Chairman, Anarock Group, said, “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 more than 1.15 lakh units in Q2 2023.”

When it comes to new launches, the top seven cities breached the 1 lakh mark and witnessed a d25 per cent increase on-year. In Q2 2022 new launches amounted to 82,150 units, which has increased to over 1,02,610 units in Q2 2023. In this too, MMR and Pune took the lead, amounting to 63 per cent of the new launches, and 31 per cent and 29 per cent increase respectively. 

Approximately 43,390 units were launched in MMR in Q2 2023, with more than 61 per cent new supply was added in the sub-Rs 80 lakh segment. Pune added 21,350 units, an increase of 29 per cent, while Hyderabad added 10,470 units, a decline of 51 per cent from the previous year. Over 43 per cent of the new supply in Hyderabad was in the over Rs 1.5 crore segment. 

Bengaluru added 11,440 units, a decline of 9 per cent, while NCR added 8,460 units, an increase of 52 per cent. Chennai added 5,040 units, an increase of 71 per cent, while Kolkata added 2,460 units, an increase of 22 per cent. 

Property prices in the top seven cities increased in the range of 6-10 per cent in Q2 2023, stated Anarock. This on-year increase is due to the increase in prices of construction raw materials and overall rise in demand. Hyderabad recorded the highest annual jump of 10 per cent in prices and stands at Rs 4,980 per sq ft as of Q2 2023-end.

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