India Wire Channel
Buisness

Brick, Boom! Sales of New Homes Will Soar 33% in 2023 to Reach 4.10 Lakh Units: Report

<div>According to the most recent data from online real estate brokerage firm PropTiger.com, residential real estate sales in India reached their greatest point since the peak seen in 2013, with a 33 percent YoY rise and a total of 4.10 lakh units sold during the calendar year 2023.</div>
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<div><img decoding=”async” class=”alignnone wp-image-338840″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-brick-boom-sales-of-new-homes-will-soar-33-in-2023-to-reach-4-10-lakh-units-report.jpg” alt=”theindiaprint.com brick boom sales of new homes will soar 33 in 2023 to reach 4 10 lakh units report” width=”1053″ height=”701″ title=”Brick, Boom! Sales of New Homes Will Soar 33% in 2023 to Reach 4.10 Lakh Units: Report 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-brick-boom-sales-of-new-homes-will-soar-33-in-2023-to-reach-4-10-lakh-units-report.jpg 275w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-brick-boom-sales-of-new-homes-will-soar-33-in-2023-to-reach-4-10-lakh-units-report-150×100.jpg 150w” sizes=”(max-width: 1053px) 100vw, 1053px” /></div>
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<div>The Real Insight Residential – Annual Round-up 2023 (January – December) study states that India saw double-digit growth in 2023 in both demand and new supply, with the latter reaching an all-time high and sales velocity maintaining pace.</div>
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<div>The data include sales statistics for the top eight cities, namely Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad, and Faridabad), MMR (Mumbai, Navi Mumbai & Thane), and Pune, for each of the four quarters of the calendar year.</div>
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<div>In 2023, a total of 5,17,071 units were released, a notable 20% YoY increase over the 4,31,510 units in 2022.</div>
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<div>In 2023, Mumbai, Pune, and Hyderabad emerged as the leading cities in terms of new supply, accounting for 70% of all new launches.</div>
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<div>Maintaining stable loan rates would encourage people to buy homes and give developers the confidence to make more alluring offers in the New Year that go beyond the holidays. As we enter a new period of expansion in the real estate industry in 2024, this stability creates a healthy tone.</div>
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<div>“The industry showed remarkable resilience in the face of early difficulties, including rising interest rates, rising input costs, and surging real estate prices amid global uncertainties.” One major factor that drove the housing market to previously unheard-of heights was the pent-up demand that followed the epidemic. Buyer confidence was greatly increased by the Reserve Bank of India’s April 2023 decision to halt rate rises, according to Vikas Wadhawan, group CFO of Housing.com, Makaan.com, and PropTiger.com.</div>
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<div>“The strong demand for premium and mid-premium homes is being driven by the good upturn in consumer mood. New high-end releases in Bengaluru and Delhi demonstrate the industry’s tenacity. But in the face of price increases, the affordable sector can face difficulties. Wadhawan said, “With this outlook, the key to success in the New Year is to leverage the current momentum and adjust to market nuances.”</div>
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<div>Ankita Sood, head of research at Makaan.com, Housing.com, and PropTiger.com, said, “Indian residential real estate is experiencing remarkable growth, with supply and demand comparable to the peak of 2010.” Strong economic conditions, increasing disposable income, and positive attitudes toward real estate investing have resulted in an amazing 33% YoY increase in sales and a 20% increase in new supply. Taking advantage of this momentum, national developers have launched products that suit well and are building a solid project pipeline for 2024. areas dominated by the service industry had a sharp 15–20% YoY increase in real estate prices, which was twice the national average. We observed a peak in demand in these areas.</div>
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<div>“In 2024, geopolitical risks remain but despite that, upbeat consumer outlook signals a continuum in the property market upcycle both in the metros and Tier 2 cities,” Sood said in her assessment of the future.</div>
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<div>The cities of Hyderabad, Pune, and Mumbai had the most growth in 2023.</div>
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<div>According to the facts and insights for 2023, demand increased in each of the year’s four quarters, both annually and sequentially. Mumbai, Pune, and Hyderabad—three markets in the west and south—kept gaining ground, accounting for 67 percent of total sales in 2023. Compared to other top cities, Ahmedabad and Hyderabad had the largest YoY increases in sales, at 51% and 48%, respectively.</div>
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<div>Residential demand reached its greatest point since the 2013 peak in 2023 as it maintained its upward trend. Higher ticket size units, or those priced between Rs. 1-3 crore, accounted for the largest portion of the demand, or 24%. When compared to the pre-pandemic quarter levels of 15–17 percent in 2019, the proportion of this price range has increased dramatically.</div>
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<div>The general consumer view is still optimistic, even if the increase in real estate costs and loan rates has gradually started to somewhat offset the optimistic feeling among homebuyers.</div>
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<div>Customer attitude propels a fresh launch wave</div>
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<div>A fresh wave of releases is also being driven by consumer mood. There has been a noticeable increase in the number of property launches this year, indicating strong demand and increased consumer confidence in an improving economy. The bulk of newly released units, or 31% of the total new supply in the top eight cities, were priced between Rs 1-3 crore.</div>
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<div>517,071 units in total were launched in 2023, a 20 percent year-over-year (YoY) increase. The last year was the greatest launch year to date, with new launches continuously staying over the one-lakh level.</div>

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