Anarock Report Reveals Robust 31% Growth in Housing Sales Across Top Seven Cities in 2023
In 2023, the real estate market across the top seven cities in India experienced a robust growth of 31%, with approximately 4,76,530 units sold compared to 3,64,870 units in 2022, as per data from Anarock. Mumbai Metropolitan Region (MMR) emerged as the leader with the highest sales, reaching approximately 1,53,870 units, followed by Pune with around 86,680 units. NCR recorded sales of about 65,625 units, showing a 3% increase, while Bengaluru witnessed an annual surge of 29%, with approximately 63,980 units sold in 2023. The fourth quarter of 2023 continued the year's strong momentum, registering over 1,27,370 units sold.
The real estate landscape also saw a 25% annual rise in new launches, increasing from around 3,57,640 units in 2022 to about 4,45,770 units in 2023. MMR and Pune dominated new launches, accounting for nearly 54% of the total new supply. Hyderabad contributed approximately 76,345 new units, marking a 12% increase over 2022, with over 82% of the new supply falling in the Rs 40 lakh to Rs 2.5 crore budget segment. Bengaluru added around 54,435 units in 2023, reflecting a yearly increase of 11%, and NCR witnessed a significant 45% rise, launching approximately 36,735 new units, with over 51% in the Rs 40 lakh to Rs 2.5 crore budget segment. The cautious approach of NCR, limiting new supply, resulted in a notable 23% annual reduction in unsold inventory stock.
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