Housing sales in top 7 cities rise 36 pc in Apr-Jun to record 1.15 lakh units: Anarock

New Delhi, Jun 28 (PTI) Housing sales are estimated to rise 36 per cent in April-June quarter to an all-time high of 1,15,100 units across seven major cities while prices appreciated by 6-10 per cent, according to real estate consultant Anarock.

Housing sales stood at 84,940 units in the year-ago period.

“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,” Anarock Chairman Anuj Puri said.

Housing sales in the top 7 cities broke the previous high record of Q1 2023, he added.

Despite spiralling home loan rates in recent past and global economic headwinds, including layoffs by several large and small corporates, the consultant said that the bull run in the Indian housing market continued in the second quarter of the year.

According to the data, Pune witnessed a 65 per cent increase in housing sales to 20,680 units during April-June from 12,500 units in the corresponding period of the previous year.

Delhi-NCR is the only city to see just a single-digit yearly growth of 7 per cent in housing sales among all cities. Sales in Delhi-NCR rose to 16,450 units from 15,340 units.

Housing sales in Kolkata increased by 20 per cent to 5,780 units from 4,800 units.

Mumbai Metropolitan Region (MMR) saw a 48 per cent increase in housing sales to 38,090 units from 25,790 units, while Bengaluru witnessed a 31 per cent increase in sales to 15,050 units from 11,510 units.

Sales of residential properties in Chennai rose 44 per cent to 5,490 units from 3,810 units.

Hyderabad recorded sales of 13,570 units in April-June 2023, a spike of 21 per cent from 11,190 units in the year-ago period.

Further, the consultant stated that the average residential property prices across the top 7 cities increased in the range of 6-10 per cent in April-June 2023 when compared to same period last year, mainly due to increase in the prices of construction raw materials and overall rise in demand.

Hyderabad recorded the highest 10 per cent annual jump in prices at Rs 4,980 per square feet at the end of Q2 2023.

New launches across the top 7 cities once again breached the one lakh-mark and witnessed 25 per cent yearly rise to 1,02,610 units in Q2 of 2023 from 82,150 units in the year-ago period.

Amid robust sales, unsold inventory across the top 7 cities reduced by 2 per cent on yearly basis to 6.14 lakh units during the June quarter.