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In a surprising turn of events, the top seven cities of India have witnessed a historic surge in home sales, with a remarkable tally of 120,280 units sold during the period from July to September, according to real estate consultancy Anarock. This achievement is particularly noteworthy considering that the monsoon quarter traditionally experiences subdued market activity. In comparison to the 88,230 units sold during the same months in the preceding year (2022), this year's sales have surged by an impressive 36 percent. Notably, this quarter outshone the previous one (April–June), when sales reached 115,100 units.
This remarkable demand surge is further accentuated by the fact that average home prices in these seven cities recorded a substantial double-digit growth of 11 percent compared to the same period in the preceding year. Unquestionably, the Mumbai Metropolitan Region (MMR) has led the charge, recording sales of 38,500 units, reflecting a remarkable 46 percent increase compared to the figures in 2022, which stood at 26,400 units. Following closely behind MMR are Pune and Bengaluru, with sales figures of 22,885 and 16,395 units, respectively. Pune, in particular, witnessed an astonishing year-on-year jump in sales of 63 percent, while Bengaluru's demand surged by 29 percent.
The Mumbai Metropolitan Region (MMR) experienced a substantial 46 percent annual increase in housing sales, while Pune witnessed a staggering 63 percent yearly surge in demand. The sustained robustness in sales can be attributed, at least in part, to the RBI's decision to maintain a pause on the repo rate, thereby stabilizing home loan interest rates and bolstering buyer sentiment.
The RBI had previously halted repo rate hikes in April of the same year after a cumulative increase of 250 basis points since May 2022. Interestingly, the city that witnessed the highest average home price surge was Hyderabad, registering an impressive 18 percent increase. Notably, the supply side of the equation was equally robust during the quarter. The top seven cities witnessed the launch of 116,220 new housing units, marking a significant uptick from the 93,490 units launched during the same period in the previous year—an increase of 24 percent.
In a quarterly comparison, there was a notable 13 percent increase from the 102,610 units launched between April and June. The mid-range housing category (Rs 40–80 lakh) remained dominant, holding a 28% market share. The luxury segment (over Rs 1.5 crore) and premium category (Rs 80 lakh–Rs 1.5 crore) closely trailed, each with a 27% share. Despite increased supply, existing housing inventory declined by 3% year-on-year, dropping from 630,000 units to 610,000 units.
Experts have expressed optimism, anticipating the continued momentum in housing sales and new project launches across the top seven cities for the upcoming October-December quarter. Large and reputable developers are poised to unveil a substantial pipeline of new projects in this festive quarter, and homebuyer demand remains firmly tilted in favour of projects by established developers. These factors together set a promising stage for the real estate market.
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