Despite the rise in interest rates on home loans, sales in Mumbai increased by a whopping 39 per cent between January and March this year, according to a report by proptiger.com.
Last year, in 2022, as well, Mumbai, Pune were the leader in demand for the residential property.
India's top eight primary residential market - Mumbai, Pune, Ahmedabad, Bangalore, Chennai, Delhi-NCR, Hyderabad and Kolkata - performed well during the period, with sales and new supply growing by 22 per cent and 86 per cent, respectively.
According to proptiger.com, 'Real Insight Residential – January-March 2023' report, real estate developers introduced new products in the market to meet the growing demand. Sales in the eight cities increased to 85,850 units in January-March 2023 from 70,630 units during January-March period last year. New launches in these eight major cities increased by 86 percent from 79,530 units to 147,780 units, the highest in the quarter.
Read More: Mumbai Registers Highest Home Sales in Last 5 Years in 2022
Group Chief Financial Officer of PropTiger.com, Housing.com and Makan.com Vikas Wadhawan said, “The Indian housing market is witnessing significant growth in both sales and new launches. This is particularly significant given the challenging global environment and rising interest rates on home loans in the domestic market. Despite these setbacks, the report showed a high double-digit growth of 22 per cent in home sales in the first quarter of 2023, indicating continued sales momentum.”
Hyderabad is at the top in home sales with a 55 per cent increase in home sales. This is followed by Mumbai, Ahmedabad, Pune and Chennai where growth of 39 per cent, 31 per cent, 16 per cent and 10 per cent has been recorded respectively.
Maharashtra's two major markets, Mumbai and Pune, saw sales growth of 39 per cent and 16 per cent respectively. Sales of residential properties in Mumbai increased to 32,380 units in the first quarter of 2023 as against 23,370 units in the first quarter last year. Home sales in Pune increased to 18,920 units in the first quarter of calendar year 2023 from 16,320 units in the first quarter last year.
Also Read: Mumbai Property Market Kicks Off 2023 with Strong Revenue Collection
Mumbai leads in new supply:
Compared to sales, new launches in all eight cities saw a rise. A total of 1,47,794 units were launched in the first quarter of 2023, which becomes the highest number of new launches in the quarter so far. This represents an annual growth of nearly 86 per cent.
Mumbai continued to be the leading city in terms of new supply, where the city accounted for a whopping 41 per cent of the total new supply in the first quarter of 2023.
The maximum new supply in the first quarter of 2023 was in the range of INR 45 lakhs to INR 75 lakhs, where it accounted for the highest share (32 per cent) of the total presentations. Units in the above INR 1 crore price category also had a significant share of 29 per cent.
Share
Tweet
