Residential real estate sales rise over 10 pc in Jan-Mar 2023: Report

New Delhi [India], May 8 (ANI): Residential real estate or housing segment witnessed continued momentum in sales in January-March 2023 quarter. Real estate consulting firm CBRE South Asia Pvt. Ltd released its ‘India Market Monitor Q1 2023’ report, which showed sales in pan-India residential sales at 78,700 units as against 70,500 units in the same quarter of 2022.

Mumbai, Pune and Delhi-NCR had a 62 per cent cumulative share in sales of housing units in January-March 2023.

The report points out that Mumbai led in the number of total housing units sold at 19,000 units, followed by Pune (18,000 units), Delhi-NCR (11,600 units) and Bangalore (11,500 units).

On the new launches of real estate, Mumbai (25,300 units), Pune (16,000 units) and Delhi-NCR (11,200 units) cumulatively accounted for about 64 per cent share during Q1 2023.

“We foresee demand for luxury housing this year will primarily be driven by the aspiration of continued home ownership.

The momentum is expected to continue in the coming quarters as well. Projects with better amenities, focus on health and safety and clean surroundings to further gain an edge amidst evolving consumer preferences,” said Anshuman Magazine, Chairman and CEO – India, South-East Asia, Middle East and Africa, CBRE.

Strong sales and launch momentum are expected to continue in the first half of 2023, before a minor tapering in activity likely in the middle of the year but its impact could be cushioned by the festive season, CBRE said.