Housing sales across 8 cities touch 6-year high in Q3: Knight Frank India
In its latest report, real estate consultancy firm says the cities have achieved a record sale of 82,612 units in July-Sept quarter compared to 73,691 during the same time last year
Housing sales grew by 12 per cent year-on-year in July-September to 82,612 units – a six-year high in quarterly sales volume – across eight major cities on strong demand, Knight Frank India has said in its latest report ‘India Real Estate Q3 2023’.
According to the report released on Wednesday (October 4), Knight Frank India said that housing sales stood at 73,691 units in the year-ago period across eight major cities.
The report said the growth in sales is noteworthy considering that it constitutes an almost six-year high in quarterly sales volumes.
As per the data, housing sales in Mumbai rose 4 per cent to 22,308 units during the July-September quarter, from 21,450 units in the year-ago period.
In Delhi-NCR, the same grew 27 per cent to 13,981 units, from 11,014 units during the period under review. Sales of residential properties in Bengaluru were up marginally to 13,169 units from 13,013 units, while Pune saw a 20 per cent growth in sales to 13,079 units from 10,899 units. Housing sales in Hyderabad went up 5 per cent to 8,325 units from 7,900 units and in Ahmedabad, housing sales grew 6 per cent to 4,108 units from 3,887 units. Chennai witnessed a 5 per cent growth in sales to 3,870 units from 3,685 units, while in Kolkata housing sales jumped more than two fold to 3,772 units from 1,843 units.
“Price levels have also grown in tandem with demand across all markets in Y-o-Y terms," the report said.
Hyderabad most expensive
Housing prices in Hyderabad saw the most significant rise at 11 per cent YoY. Prices of residential properties rose 7 per cent in Kolkata, 6 per cent each in Bengaluru and Mumbai, 5 per cent in Pune, 4 per cent each in Ahmedabad and Delhi-NCR, and 3 per cent in Chennai.
“Residential sales continue to gain momentum, reaching multi-year highs. Although inventory levels have seen a significant rise due to developers launching projects to cater to this robust demand, the overall market health is improving, with strong sales velocity," Shishir Baijal, chairman and managing director of Knight Frank India, said.
“Elevated interest rates and prices have had little impact on higher-ticket-size homebuyers, but the affordable segment has been severely affected, necessitating further interventions to stimulate demand and enhance development viability,” Baijal added.
(With inputs from agencies)