Mumbai and Pune Housing Markets Break Pan-India Sales Records

The Indian real estate segment is witnessing a boom, with the top seven property markets registering an all-time residential sales record in the April-June 2023 quarter. Real estate consultant Anarock, stated in a report, that over 1.15 lakh homes were sold in the April-June 2023 quarter, which exceeded the January-March 2023 quarter by nearly one per cent. The Jan-March quarter saw sales of 1,13,770 housing units across India.  

The number of properties sold is an astounding 36 per cent higher than a year ago when 84,940 units were sold in the same period. This increase in properties sold comes on the back of the increase in a base rate hike. The real estate market continues to witness growth in the second quarter of 2023, with Mumbai and Pune accounting for more than 50 per cent of all homes sold in the quarter. The cities accounted for 51 per cent of total sales, with Pune witnessing a 65 per cent jump in yearly sales growth. The two were the only cities to outdo their own January-March numbers, while other cities saw a dip in sales.

Both Mumbai and Pune saw 43,490 and 21,350 launches respectively in the April-June 2023 quarter, which accounted for 63 per cent of total residential launches across the country. Pan India, 82,150 units were launched in the quarter which is a growth of 25 per cent YOY, while there was a six per cent dip, quarter-on-quarter.

The ongoing infrastructural developments, as well as the rising demand for quality homes, and the redevelopment boom across MMR, are the key contributors to robust housing demand in the Mumbai and Pune region. The Pune real estate market has witnessed a boom due to the improved connectivity and infrastructural growth between Mumbai and Pune.  

In the April-June 2023 quarter, Hyderabad recorded the highest price-hike of 10 per cent, while Bengaluru, NCR and Mumbai saw an increase of 9 per cent each in prices. Approximately 31 per cent of all homes sold in the quarter were in the mid-segment priced between Rs 40 lakhs and 80 lakhs.