Housing sales in the top seven Indian cities stood at 1.14 lakh units in Q1 2023, an increase of over 99,500 units compared to the same period in 2022

Despite global economic headwinds, including layoffs by several large and small corporates, the bull run in the Indian housing market continued in the first quarter of the year. Quarterly housing sales are at an all-time high in the last decade, with approx. 1,13,770 units sold in Q1 2023 across the top seven cities, reveals the latest Anarock data. There is a 14 per cent yearly rise against approx. 99,550 units sold back in Q1 2022. The two leading western markets (MMR and Pune) accounted for over 48 per cent of the total sales in the top seven cities, with Pune witnessing an over 42 per cent yearly jump.

New launches across the top seven cities also breached the one lakh mark and witnessed a 23 per cent yearly rise – from 89,140 units in Q1 2022 to over 1,09,570 units in Q1 2023. Interestingly, MMR and Pune again saw the maximum new supply, accounting for 52 per cent of the total new launches across the top seven cities.

Individually, the two cities saw 58 per cent and 34 per cent yearly increases in their new supply respectively. Despite spiralling new launches in this and the previous quarter, the available inventory in the top seven cities remained almost similar at about 6.27 lakh units by Q1 2023-end. On a q-o-q basis, the unsold stock saw a one per cent dip across the top seven cities. Among the top cities, NCR saw the highest decline in its unsold stock in Q1 2023 by 22 per cent.