The real estate market saw a tremendous improvement in the first quarter of financial year 2023, with home sales in the top 7 cities topping 100,000 units. In addition, the new launches have increased significantly Year on Year by 23%, from 89,140 units in quarter one 2022 to roughly 110,000 units in 2023.
In top seven Indian cities, Delhi-NCR stands out as the leader in terms of new home deliveries in 2023, with an amazing 97% jump from the previous year.
With a planned 170,000 units finished in 2023, or over 30% of the year’s supply pipeline, the region is ready to take the lead over others.
According to the research, the high-ticket segment, with prices over Rs 1.5 crore, contributed significantly to this development, accounting for about 24% of all units sold.
Particularly after the pandemic, demand for large houses has increased in Delhi and the adjacent areas. The premium and luxury real estate have seen a huge increase as a result, and they are gaining momentum.
The sale of luxury homes in Delhi-NCR has seen a phenomenal surge, beating other major cities like Mumbai, Hyderabad, Kolkata, and Pune, according to a recent CBRE South Asia research. Families today desire a luxurious lifestyle, and by purchasing a luxury home, they guarantee that all amenities are provided on the premises.
The Mumbai Metropolitan Region (MMR) and Pune were responsible for 52% of all new launches in the top cities. Hyderabad saw a 32% decrease in new supplies, in contrast.
With over 12,450 units launched in the first quarter of 2023, NCR saw a 34% increase in new launches compared to the first quarter of 2022.
When compared to the same quarter in the previous year, residential property prices in the top 7 cities increased 6-9% in the first quarter of 2023.
Notably, the real estate sector has started the year off on a strong growth track, with house sales and new launches breaking the milestone of one lakh and showing a 14% and 23% Year onYear increase, respectively.