The housing markets in Mumbai and Pune have shattered pan-India sales records, driving India’s top seven property markets to an all-time high in residential sales during the April-June quarter. According to renowned property consultant Anarock, an impressive 1.15 lakh homes were sold in the past three months, surpassing the sales figures of the January-March quarter by one percent. This surge represents a staggering 36 percent increase compared to the same period last year when 84,940 units were sold, despite concerns over global economic headwinds and an earlier home loan rate hike.
Mumbai and Pune also witnessed a substantial influx of new inventory, with 43,490 and 21,350 launches, respectively, making up 63 percent of the total residential launches in the country during the April-June quarter. The overall pan-India launch scenario is highly impressive, considering the 25 percent year-on-year growth in the 82,150 units launched, despite a slight six percent decline quarter-on-quarter. 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 Mumbai Metropolitan Region (MMR). In Pune, improved connectivity and infrastructural growth between Mumbai and Pune, coupled with favorable location advantages, have driven growth in the mid-segment housing and commercial space sectors.
The surge in sales can be attributed to an average eight percent price hike across the seven property markets. Hyderabad witnessed the highest price increase at 10 percent, while Bengaluru, the National Capital Region (NCR), and Mumbai reported a nine percent rise in prices. Mid-segment homes, priced between Rs 40 lakh and 80 lakh, accounted for nearly 31 percent of all homes sold during the quarter. Anarock highlights that the remarkable sales performance during this quarter has significantly reduced available inventory levels in all cities, with a two percent decline from 6.25 lakh units in April-June 2022 to 6.14 lakh units presently. Notably, NCR experienced a substantial 21 percent decline in inventory levels.
The extraordinary sales figures achieved in Mumbai and Pune have propelled India’s residential real estate market to new heights. The combination of increased demand, ongoing infrastructural developments, and favorable pricing dynamics has driven this record-breaking performance, indicating the resilience and attractiveness of the housing sector in these regions.
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