Despite the further hardening of interest rates on home loans, property sales across the top eight cities saw a 22 per cent increase from 70,630 to 85,850 units during January-March 2023, according to a report.
The PropTiger.com data also show that the new launches grew 86 per cent to 1,47,780 units — the highest in a quarter — from 79,530 units across these eight major cities. Mumbai was the frontrunner in terms of new supply, with 41 per cent of the overall new launches in Q1 2023.
“The Indian housing market is witnessing significant growth, with both sales and new launches on the rise. This is particularly noteworthy considering the challenging global environment and the hardening of interest rates on home loans in the domestic market,” said Vikas Wadhawan, Group CFO, PropTiger.com, Housing.com and Makaan.com.
Hyderabad tops table
Hyderabad saw the maximum growth in sales at 55 per cent to 10,200 units during January-March from 6,560 units in the year-ago period. Maharashtra’s two key markets, Mumbai and Pune, saw sales grow by 39 per cent and 16 per cent, respectively.
However, the residential market in Delhi-NCR, Kolkata and Bengaluru remained subdued and witnessed a drop in property demand on a yearly basis in the first quarter of 2023. In Delhi NCR, housing sales dipped by 24 per cent to 3,800 units in the March quarter from 5,010 units in the year-ago period. Bengaluru saw a 3 per cent decline to 7,440 units from 7,680 units. Housing sales in Kolkata dipped 22 per cent to 2,230 units in January-March 2023 from 2,860 units in the corresponding period of the previous year.
Maximum new supply in Q1 2023 was concentrated in the ₹45–75 lakh price bracket, taking the largest (32 percent) share of the total launches. Units in the more than ₹1 crore price range also took a significant share of 29 per cent, the report noted.