Ongoing festive season may cross residential sales of 1.5 lakh units, set new record
The ongoing festive season may cross residential sales of 1.5 lakh units, setting a new record
According to the survey, the Indian festive season which includes apartments priced at Rs 4 crore and above, continued to see high sales momentum in January to September 2023, growing by 97% year over year.
According to CBRE research published on November 8, the holiday season of 2023 is expected to smash a three-year record in residential sales, surpassing the 1.5 lakh-unit threshold in H2 of 2023.
According to the India Market Monitor Q3 2023 report, between January and September 23, total residential sales across all price points surpassed 2.3 lakh units, representing a roughly 5% year-over-year increase. The study further stated that 1.47 lakh units were launched in H2 of 2022 and 1.14 lakh units in H1 of 2023.
According to the survey, the Indian luxury housing market, which includes apartments priced at Rs 4 crore and above, continued to see high sales momentum in January to September 2023, growing by 97% year over year. According to the report, the total number of luxury unit sales from January to September 2023 was almost 9,200, up from 4,700 units over the same time the previous year.
Delhi-NCR, Mumbai, and Hyderabad were found to be the top three markets in terms of sales among the top seven cities, together accounting for almost 90% of all sales of luxury homes.
Delhi-NCR came in first on the list with almost a 37 percent share. Mumbai came in second, Hyderabad came in third, and Pune came in fourth with about 35 percent, 18 percent, and 4 percent, respectively.
over the July–September 2023 quarter, over 80,000 residential units were sold, while 72,000 additional units were launched over the same time frame. With a combined share of 63 percent, Mumbai, Hyderabad, and Pune led the apartment launch market. Moreover, with a combined share of almost 62 percent, Pune, Mumbai, and Bangalore recorded the highest sales of residential units during the previous quarter.
With a cumulative share of 35%, the high-end and premium categories continued to be major drivers of sales; this quarter, the mid-end category’s share was 46%.
The survey covered seven cities: Bengaluru, Kolkata, Chennai, Hyderabad, Pune, Delhi-NCR, and Mumbai.
“We expect the ongoing holiday season in the upcoming months of 2023 to further support the home market overall. Anshuman Magazine, Chairman and CEO, India, South-East Asia, Middle East & Africa, CBRE, stated that incentives and schemes offered by developers during the holiday season are anticipated to enhance sales further with the halt in the interest rate cycle.
Festive season to attract first-time homebuyers
Fence-sitting end-users are anticipated to make decisions during the festive season offers and discounts, which means that the October–December quarter is predicted to draw a significant number of first-time purchases, according to Magazine.
According to a CBRE analysis, sales and new product introductions may potentially hit or surpass the 3-lakh unit threshold in 2023, marking a 10-year high. It is anticipated that different areas and property types would exhibit different trends in capital value increase, which will probably be controlled by the amount of unsold inventory and inventory overhangs.