Residential property sales in Mumbai and Pune reach record high in India’s top markets

India’s leading property markets have achieved an unprecedented milestone in residential property sales during the April-June quarter. Anarock, a renowned property consultancy, reported that a staggering 115,000 homes were sold in the past three months, surpassing the January-March quarter by one percent.

In comparison, the previous year’s figures of 84,940 units sold during the same period were exceeded by an impressive 36 percent, highlighting the market’s resilience despite global economic challenges and earlier home loan rate hikes.

Anuj Puri, Chairman of Anarock, emphasized that the housing market has yet to experience the full impact of the rate hike and global economic headwinds, yet the momentum remains strong even in the second quarter of 2023.

Interestingly, Mumbai and Pune accounted for over half of the total homes sold during this quarter, with both cities contributing 51 percent to the overall sales. Pune witnessed a remarkable 65 percent surge in annual sales growth. Moreover, these two cities outperformed their own sales numbers from the January-March quarter by four and ten percent, respectively, while other cities experienced a decline.

Additionally, Mumbai and Pune observed a substantial influx of new residential properties, with 43,490 and 21,350 launches, respectively. These launches accounted for 63 percent of the total residential projects introduced throughout the country during the April-June quarter. The overall pan-India launch scenario impressed industry experts as well, considering the 82,150 units launched in the quarter represented a 25 percent year-on-year growth, despite a slight six percent dip on a quarterly basis.

Dhaval Ajmera, Director of Ajmera Realty and Infrastructure, attributed the robust housing demand in Mumbai to ongoing infrastructural developments, the need for quality homes, and a redevelopment boom in the MMR region. In Pune, improved connectivity, infrastructural growth between Mumbai and Pune, and advantageous locations contributed to the growth of mid-segment housing and commercial space segments.

The surge in sales can be attributed to an average eight percent price increase across the seven property markets. Hyderabad recorded the highest price hike at 10 percent, while Bengaluru, NCR, and Mumbai reported a nine percent rise in prices. Mid-segment homes, priced between Rs 40 lakh and 80 lahks, constituted nearly 31 percent of the total homes sold during the quarter.

Anarock noted that the sales blitzkrieg during the quarter resulted in reduced inventory levels across all cities. Available inventory declined by two percent, dropping from 625,000 units in April-June 2022 to 614,000 units at present. Notably, NCR witnessed a significant inventory decline of 21 percent.

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