Sale of around 5 lakh units in 2023–24 recorded
Highest in Hyderabad
House prices increased by 32 percent
The Indian housing market is booming. Home sales in the first quarter (January–March) of the financial year 2023–24 were at a record high. During this period, 1,30,170 units were sold in seven major cities of the country, a year-on-year growth of 14 percent. With this, the total number of houses sold this year has reached 4,92,000 units. This is 30 percent more than the previous year.
Mumbai and Pune together account for 51 percent of the total sales in seven major cities across the country. “While Mumbai recorded a growth of 24 percent on an annual basis, Pune recorded a growth of 15 percent. Also, new launches in seven major cities increased by one percent in Q1 2024 compared to Q1 2023. In Q1 2023, 1,09,570 units were launched, and in Q1 2024, they increased to 1,10,865 units,” said Anarock Group Chairman Anuj Puri. Even as new launches crossed the lakh mark in the quarter, inventory in seven major cities declined by 7 percent. While the inventory was 6,26,750 units in Q1 2023, it decreased to 5,80,890 units in Q1 2024. In Delhi, the inventory has been reduced to 27 percent. It is noteworthy that it is less than Mumbai, Pune, and Hyderabad. Overall demand is high in all segments of the real estate market.
This demand is due to the increase in first-time home buyers as well as those looking for a second home. Investors who are looking for high-potential returns tend to purchase properties in prime locations. India’s economic situation is positive. GDP is also increasing at the expected level, inflation is under control, and buyer sentiments are encouraging the purchase of houses. According to PropEquity, Thane, Pune, and Hyderabad are the top cities in terms of quarterly sales. Also, average residential prices increased by 10 to 32 percent in Q1 2024 compared to Q1 2023 in seven major cities. The reason for this is the increase in the prices of construction materials and the increase in the demand for houses. House prices increased by 32 percent in Hyderabad and 25 percent in Bengaluru.
