Home Sales Value To Be 38 pc Higher in 2023

Chennai: The total sales value of homes in 2023 is expected to cross Rs 4.5 lakh crore, 38 per cent higher than the sales value of 2022.

Housing units worth Rs 3.49 lakh crore were sold across the top 7 cities in the first three quarters of calendar year 2023, which is 7 per cent higher than the entire 2022 sales value of Rs 3.27 lakh crore.

In the December quarter, at current sales momentum, a minimum Rs 1 lakh crore worth of housing inventory is believed to have been sold and this will take the total sales value above Rs 4.5 lakh crore. This is 38 per cent higher than the total sales value of 2022, according to Anarock Group.

Each quarter saw consistent growth and overall sales value has already breached the Rs 1 lakh crore mark. In Q1 2023, homes worth Rs 1,12,976 crore were sold in the top 7 cities, Q2 2023 saw a jump of 1 per cent, and then a further jump of 8 per cent in Q3 2023. Sales in the ongoing festive quarter have been robust across these markets and the concluding quarter of 2023 will be no different. Thus, Anarock expects the overall housing sales value to cross Rs 4.5 lakh crore by 2023-end.  

Over 3.49 lakh units sold across the top 7 cities in 9M 2023, against approx. 3.65 lakh units in 2022. Sales value exceeding sales volumes points to a large number of high-ticket value homes sold this year.

“The fact that the housing sales value in 9M 2023 exceeded that of the whole of 2022 reflects the increased demand for premium luxury homes this year. This, along with the fact that average prices in the top cities rose by anywhere between 8-18 per cent this year, makes an apple-to-apple comparison of annual sales values challenging,” Anuj Puri, chairman of Anarock Group said.

At Rs 1.64 lakh crore, sales value of homes was highest in Mumbai, followed by NCR at Rs 50,188 crore. Sales value in Kolkata was lowest at Rs 9,025 crore.