Housing Sale in India: The year 2023 was a great year for home sales in the country. Despite the rise in prices and no reduction in interest rates on home loans, the enthusiasm of buyers did not diminish. In one year, 4.77 lakh houses were sold in 7 major cities of the country. This is about 31 percent more than last year.
Sale of houses broke the record
According to Enrock report, home sales in 2023 stood at 4,76,530 units. The sale of houses this year has broken records. Till now, so many houses had not been sold in any year. According to the report, 3,64,870 houses were sold in 2022.
Highest sales in Mumbai
According to the data, the highest sales among the top-7 cities were in Mumbai Metropolitan Region (MMR). After this comes Pune’s turn. Property sales in MMR increased by 40 percent to 1,53,870 units. Last year the sale of houses was 1,09,730 units. There has been a tremendous jump in the sales of houses in Pune. It has increased by 52 percent to 86,680 units. Last year this figure was 57,145 units. However, in the year 2023, sales in Delhi NCR increased by only 3 percent to 65,625 units. Last year, 63,710 houses were sold in Delhi-NCR.
Prices increased by 24 percent in top-7 cities
Home sales in Bengaluru increased by 29 percent to 63,980 units as compared to 49,480 units last year. House sales in Kolkata increased by nine percent to 23,030 units. Last year 21,220 houses were sold. Sales in Chennai increased by 34 percent to 21,630 units from 16,100 units last year. According to the report, the cost of raw materials increased this year. However, due to continued demand, house rates in the top-7 cities increased by 10 to 24 percent.
There was a fear of decline in sales due to increase in rates.
Enrock Chairman Anuj Puri said that despite all the problems, there has been a record-breaking sale of houses. Interest rates increased in the first half of the year. Apart from this, there was also a possibility of impact of global recession. Due to the rise in property prices, it seemed that sales might decline. But, the demand for houses strengthened the housing sector and sales records were broken.
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