The platform integrates both generative AI and predictive AI/ML and has already powered 700 home sales worth ₹750 crore across more than 80 developer projects.

The launch comes at a time when India’s residential segment faces a 9% year-on-year decline in Q3 2025 primary sales, underlining a growing need for technology-driven sales efficiency.

Nine AI Tools Across Three Suites

Developed over two years, ANAROCK.AI features nine AI tools classified into three categories:

1. Genie Suite (Generative AI)

• Walk-in Genie
• CP Genie
• ORM Genie
• Referral Genie

These tools offer chatbot and voice bot–based engagement for customers and channel partners.

2. Astra Suite (Predictive AI)

• Astra Platinum
• Astra Phoenix
• Astra Hire
• Astra Sales Boost

These tools use ANAROCK’s proprietary data to score leads, revive dropped opportunities, and optimize sales team performance.

3. CP 360

A channel partner–focused module with CP Ranker, CP Genie, and Walk-in Genie to boost channel partner contribution.

Proven Impact on Sales Velocity

Sunil Mishra, Chief AI & Strategy Officer at ANAROCK Group, noted strong early results.

“Four core tools have been operational since 2024 across 80+ projects, contributing to 700 home sales valued at ₹750 crore—about 10–15% of the total sales in these projects,” he said.
“In a recent Chennai project, AI-enabled processes accounted for nearly 60% of total bookings.”

The platform’s predictive model shows that the top 10% of AI-identified leads account for 40–60% of total bookings.

Other significant outcomes include:

• Astra Phoenix reviving 8–9% of dead leads, contributing to 5–6% of bookings
• CP Ranker identifying top 5% channel partners who generate 40–50% of bookings
• Walk-in Genie engaging dropped and night-time leads 24/7

Why Real Estate Needs AI Now

ANAROCK data shows:

• Q3 2025 sales: 97,080 units (down from 1,07,060 in Q3 2024)
• Sales value: up 14% to ₹1.52 lakh crore
• Prices: up 9% YoY to ₹9,105/sq.ft

This market paradox—lower unit volumes but higher revenue—signals a shift toward premium housing and selective high-intent buyers.

According to Anuj Puri, Chairman, ANAROCK Group:

“Developers are competing for a smaller set of high-intent buyers focused on premium projects. Identifying and engaging this audience efficiently requires AI-driven tools.”

Millennials and Gen Z Are Redefining Homebuying

The market is undergoing a demographic shift:

• 80%+ homebuyers start their property search online
• Millennials + Gen Z will form 60% of India’s homebuyer base by 2030
• 73% of active seekers engage with RE platforms 3+ times per week

These digital-native customers expect:

• Virtual tours
• Instant responses
• AI-powered, personalized recommendations
• Multi-channel engagement

ANAROCK.AI aims to deliver precisely this experience, blending predictive scoring with 24/7 generative engagement.

A Platform Built on India’s Largest Residential Sales Dataset

ANAROCK.AI’s predictive engine leverages ANAROCK’s own historic transaction and behaviour dataset:

• 90,000+ unit sales
• 950+ projects covered
• $12 billion in cumulative residential sales facilitated
• Across metros, Tier 2/3 cities, and all price bands

The platform is expected to significantly enhance lead conversion, reduce marketing costs, and speed up sales cycles for developers across India.

The post ANAROCK Launches AI-Driven Home Sales Platform Backed by 90,000+ Unit Data; Targets Millennials & Gen Z Buyers appeared first on Square Feat India.

While the numbers show year-on-year growth, property registrations in January 2025 were slightly lower than in December 2024, when 12,418 properties were registered, generating ₹1,134 crore in revenue.

Year-on-Year Comparison: January 2024 vs. January 2025

Comparing January 2025 with January 2024, property registrations have increased by 9.86% (from 10,967 to 12,048), while stamp duty revenue has surged by 28.16% (from ₹760 crore to ₹974 crore). The sharp rise in revenue suggests a higher value of property transactions, likely influenced by a demand for premium and luxury housing.

Month-on-Month Comparison: December 2024 vs. January 2025

On a month-on-month basis, property registrations in January 2025 declined by 2.98% compared to December 2024 (from 12,418 to 12,048). Similarly, stamp duty revenue saw a 14.11% drop (from ₹1,134 crore to ₹974 crore). This dip is not uncommon, as December typically sees a higher number of property transactions due to year-end investment decisions and tax planning considerations.

Key Takeaways from the Data

1. Consistent Growth: The Mumbai real estate market remains strong, with property registrations and revenue showing an upward trend compared to last year.
2. Higher-Value Transactions: The larger percentage increase in revenue compared to registrations suggests that high-value properties are being transacted more frequently.
3. Seasonal Fluctuations: The slight drop from December 2024 to January 2025 aligns with historical trends where December often sees a peak in registrations.

With a strong start to 2025, Mumbai’s real estate sector is expected to maintain momentum, driven by increasing demand and investor confidence.

Also Read: MMR Real Estate Witnesses 38% Surge in Property Registration

The post Mumbai Sees Surge in Property Registrations and Stamp Duty Revenue in January 2025 appeared first on Square Feat India.

Focus on Infrastructure and Economic Growth
Despite declining real estate activity in the second half of 2024, the sector anticipates the government will prioritize robust infrastructure development, a long-term driver for real estate growth. The budget is also expected to include measures to stabilize the economy and enhance GDP growth, with a focus on supporting SMEs, MSMEs, job creation, and skilling initiatives.

Affordable Housing in Need of Revival
Affordable housing, a once-thriving segment, has struggled post-pandemic, with its sales share in the top seven cities dropping to 18% in 2024 from over 38% in 2019, according to ANAROCK Group data. The supply of affordable homes has also declined significantly.

To address these challenges, industry experts are calling for targeted government intervention, including:

• Reintroducing the Credit-Linked Subsidy Scheme (CLSS): This scheme, which expired in 2022, provided financial incentives for first-time buyers of affordable homes. Its revival could stimulate demand in this segment.
• Restoring the 100% Tax Holiday for Developers: Developers previously benefited from tax exemptions under Section 80-IBA of the Finance Act, 2016, which helped increase affordable housing supply. Reinstating this provision could boost developer interest in such projects.
• Revising Affordable Housing Criteria: Current definitions of affordable housing, particularly the price cap of INR 45 lakh, are considered outdated in high-cost markets like Mumbai. Experts suggest raising the price cap to INR 85 lakh in Mumbai and INR 60-65 lakh in other metros to reflect market conditions.

The Road Ahead
ANAROCK Group Chairman Anuj Puri noted that centrally controlled land managed by agencies such as Indian Railways and the Port Trusts could be released for affordable housing projects, addressing land scarcity issues.

The slowdown in 2024 saw housing sales in the top seven cities decline by 4% to approximately 4.46 lakh units, while new launches dropped by 7% to around 4.13 lakh units. However, stakeholders believe that with the right incentives, 2025 could mark a turnaround for the residential real estate market.

The Union Budget 2025-26 holds the potential to reinvigorate the sector, fostering growth and ensuring housing remains affordable for all.

Also Read: Nirmala Sitharaman to present the union budget

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With India’s housing market experiencing an ongoing boom, 2024 is projected to be the best year yet for home sales, with approximately 3 lakh homes worth ₹510,000 crore expected to be registered in top metros by the year’s end. This surge in sales has been largely driven by economic growth, improved infrastructure, and robust demand, leading to rising capital values.

As we navigate India’s ever-evolving real estate landscape, 2024 will continue to be a year of significant transformation. Luxury housing, particularly homes priced between ₹10 crore and ₹80 crore, witnessed a steep rise in demand, particularly in posh areas like Worli, Peddar Road, Napeansea Road, Malabar Hill, and Bandra. At the same time, there was equally strong demand for affordable 1 & 2 BHK homes under ₹2 crore, in suburban locations like Andheri, Kandivali, Chandivali, Mulund, Bhandup, Thane, Goregaon, and Dahisar.

One of the defining trends of 2024 has been the growing emphasis on green living and smart infrastructure. The residential segment saw a marked rise in demand for homes located within integrated townships that prioritize open green spaces, reflecting the luxury lifestyle quotient for the year.

On the commercial front, India’s office market exceeded expectations, with record-high leasing activity in 2024. About 58-60 million sq. ft. of new office developments were completed by the end of the year, highlighting strong demand in this sector.

In addition, the Maharashtra state government recognized the critical role infrastructure plays in economic growth, increasing its capital outlay to ₹8.7 lakh crore in 2024. This investment is being used to complete several ambitious infrastructure projects that are rapidly transforming Mumbai’s landscape. Key projects, including the Coastal Road, Navi Mumbai International Airport, Mumbai Metro Line 3, and the Versova-Bandra Sea Link, are improving connectivity, fuelling expansion in the real estate market, and elevating the city’s quality of life.

The increased infrastructure and connectivity in these cities have also contributed to rising property rates, with peripheral micro-markets benefiting from the overall development. Urbanization continues to accelerate as more people move to metropolises for better employment opportunities and enhanced living standards. Demographic shifts, including the rise of nuclear families and the affluence of young professionals, have led to greater demand for urban housing, a trend set to continue in the coming years.

India’s housing market remains on strong footing, and 2024 is expected to close as the best year ever in terms of sector performance. The continued buoyancy of India’s residential market, supported by strong fundamentals, is a testament to the country’s growing real estate potential.

Also Read: Ajay Devgn real estate

The post Key Real Estate Trends in 2024: Rapid Urbanization, Demographic Shifts, and Rising Foreign Investment appeared first on Square Feat India.

The top-performing market was the Mumbai Metropolitan Region (MMR), which registered the highest sales with 155,335 units, a modest 1% increase from 2023. Pune followed with 81,090 units sold, while Bengaluru also saw a slight growth in sales, up 2% to 65,230 units. Together, MMR, Pune, Bengaluru, Hyderabad, and NCR accounted for 92% of the total sales in the top cities.

Despite the decline in sales volume, the surge in average property prices led to an overall increase in sales value. In 2024, residential prices across the top seven cities rose by 21%, with Delhi-NCR seeing the steepest hike of 30%. The rise in prices was attributed to increasing construction costs, higher demand for larger homes, and a shift towards luxury housing. The average price per square foot in Q4 2024 was INR 8,590, up from INR 7,080 in Q4 2023.

New Launches Decline, Luxury Segment Surges

The report also highlighted a 7% year-on-year decline in new residential launches, from 445,770 units in 2023 to 412,520 units in 2024. MMR and Bengaluru led in new supply, accounting for nearly 50% of the total new launches. NCR saw a notable 44% rise in new supply, with 53,000 units launched in 2024 compared to 36,735 units in 2023.

While the overall launch numbers fell, the luxury and ultra-luxury segments (>INR 1.5 crore price bracket) saw a significant uptick in both demand and supply. Approximately 30% of new supply in 2024 was in these high-end categories, reflecting the continued trend of homebuyers opting for larger, premium homes.

Price Trends and Inventory

Price growth varied across cities, with MMR recording a 21% increase in average prices, while Bengaluru and Hyderabad saw price hikes of 28% and 27%, respectively. The luxury market, in particular, remained strong, with NCR’s ultra-luxury segment seeing substantial growth.

Available inventory across the top cities decreased by 8% in 2024, as limited new launches contributed to the tightening of unsold stock. Pune experienced the sharpest decline in unsold inventory, dropping by 20% year-on-year. However, Bengaluru and Chennai saw a slight rise in available stock.

Outlook for 2025

Looking ahead to 2025, ANAROCK Chairman Anuj Puri noted that while the rapid price hikes may stabilize, steady growth is expected due to continued demand and increasing input costs. He also mentioned that new supply would pick up pace in 2025, driven by listed developers who have significant inventory lined up. However, the election season and slower project approvals in 2024 have temporarily dampened housing growth. Luxury housing demand, in particular, is expected to remain strong as homebuyers continue to prioritize quality and larger living spaces.

Also Read: With 5% Stamp Duty Housing Sales In City See A Drop

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According to ANAROCK’s latest data, the Mumbai Metropolitan Region (MMR) led the sales with around 36,190 units, followed by Pune at approximately 19,050 units. Together, these two cities accounted for 52% of total sales in the quarter. Other cities, including Bengaluru, NCR, and Hyderabad, also reported declines in sales compared to both the previous quarter and the same period last year.

New housing supply also saw a significant decrease, falling 19% to approximately 93,750 units in Q3 2024, the lowest figure since Q1 2023. MMR topped the new supply list with around 29,615 units launched, while Bengaluru followed with about 15,915 units. Notably, NCR and Chennai experienced remarkable increases in new launches of 53% and 51%, respectively.

In terms of price segments, the luxury housing market (priced above INR 1.5 Cr) constituted 33% of new supply, the highest share recorded, whereas affordable housing dropped to a mere 13%, its lowest ever. The overall available housing inventory across the top seven cities decreased by 8% year-on-year, from over 610,000 units in Q3 2023 to approximately 564,415 units in Q3 2024.

Residential prices in the top seven cities surged by 23% year-on-year, with Hyderabad witnessing the highest increase at 32%. Bengaluru and NCR followed closely with price hikes of 29% each.

Anuj Puri, Chairman of ANAROCK Group, attributed the sales slowdown to high prices and seasonal factors, such as the monsoon and the ‘shraad’ period, when many defer home purchases. However, he expressed optimism for the upcoming festive quarter (October to December), which traditionally sees a rise in demand, as developers prepare to launch several projects and promotional offers.

Overall, while the market is stabilizing after a period of rapid growth, Puri noted that the pace of future growth may not match the steep increases seen in the past one to two years.

Also Read: NAREDCO Maharashtra to Host Real Estate Expo in Mumbai

The post Housing Sales Dip 11% Year-on-Year in Top 7 Cities; New Launches Fall Below 1 Lakh Units appeared first on Square Feat India.

Anuj Puri, Chairman – ANAROCK Group

The government’s revised budget announcement allows taxpayers to pick between a 12.5% Long-Term Capital Gains (LTCG) tax rate without indexation and a 20% rate with indexation, for properties purchased before July 23, 2024. This will have a very profound impact on both homeowners and aspiring homebuyers.

Homeowners: This change gives homeowners flexibility in their tax liabilities when they sell their property. For properties held over a long period, where inflation has majorly raised the property’s value, opting for the 20% tax rate with indexation would be beneficial. Indexation adjusts the purchase price for inflation, potentially reducing the taxable gain and overall tax liability. For properties held for shorter periods or in low-inflation periods, the 12.5% rate sans indexation could be more beneficial and result in a lower tax burden.

Homebuyers: This revision can potentially stimulate the residential property market because it provides clarity and implies potential tax burden reduction. Homebuyers’ sentiment will improve as they have flexible options for addressing their future capital gains tax burden. This will result in higher demand, particularly in markets where property values have been seen to rise significantly.

Also, the anticipation of these changes can potentially cause some homeowners to sell properties sooner to benefit from the new tax regime. This will raise the overall supply of housing units available on the market, helping to keep prices in check.

As per ANAROCK Research, H1 2024 saw total sales of nearly 2.51 lakh units across the top 7 cities, 9% more than the same period last year (H1 2023). Given that Q2 2024 saw sales tapering due to the election heat and the increased prices across cities, the new tax imposed by the government in the budget was considered a dealbreaker for many. Now, with the government giving these options to the homebuyers, housing sales momentum will continue unimpeded.

Also Read: More than 50% of Developers Seek Tax Rationalization and Lower Interest Rates from New Government

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The bull run in the Indian housing market continued in the first quarter of the year. Quarterly housing sales are at an all-time decadal high with approx. 1,30,170 units sold in Q1 2024 across the top 7 cities, reveals latest ANAROCK data. This is a 14% yearly rise against approx. 1,13,775 units sold back in Q1 2023.

Anuj Puri, Chairman – ANAROCK Group, says “MMR and Pune accounted for over 51% of the total sales in the top 7 cities, with MMR recording a 24% yearly jump and Pune witnessing an over 15% yearly rise. New launches across the top 7 cities continued above the one lakh mark but witnessed a mere 1% yearly rise – from 1,09,570 units in Q1 2023 to over 1,10,865 units in Q1 2024.”

“Notably, MMR and Hyderabad saw the maximum new supply, accounting for 51% of the total new launches across the top 7 cities,” says Puri. “Hyderabad saw a 57% yearly increase in new supply in Q1 2024, while MMR saw its new supply decline by 9% in the period. The quarter has recorded the highest ever sales in the last decade amid a significant rise in demand for high-ticket priced homes priced INR 1.5 Cr and above.”

Despite new launches remaining above the 1 lakh mark in this quarter, available inventory in the top 7 cities dropped by 7% annually – from approx. 6,26,750 units by Q1 2023-end to approx. 5,80,890 units by Q1 2024-end. Among the top cities, NCR saw highest decline of 27% in its unsold stock in Q1 2024. NCR’s unsold stock is currently lower than in other prominent cities like MMR, Pune, and Hyderabad.

India’s overall economic scenario remains positive, with the country’s GDP growth rate pegged as the highest globally, and inflation also seems to be under control. This outlook supports enduring homebuyer sentiment.

New Launch Overview

The top 7 cities recorded new launches of around 1,10,865 units in Q1 2024 against 1,09,570 units in Q1 2023, increasing by just 1% over the previous year’s corresponding period. The key cities contributing to new launches in Q1 2024 were MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, which together accounted for 83% of the quarter’s supply addition.

• MMR saw approx. 33,800 units launched in Q1 2024 – a decline of approx. 9% over Q1 2023. More than 59% of the new supply was added in the sub-INR 80 lakh budget segment.
• Hyderabad added approx. 22,960 units in Q1 2024 – a yearly jump of 57% over the corresponding period last year. Over 33% of the new supply was added in the high-ticket >INR 1.5 Cr) price segment.
• Pune added approx. 18,770 new units in Q1 2024 compared to 19,420 units in Q1 2023 – a decrease of 3%. 
• Bengaluru added approx. 16,485 units in Q1 2024 – a yearly increase of 22%. Approx. 66% of the new supply was in the mid-range and premium segments (INR 40 lakh – INR 1.5 Cr.)
• NCR saw new supply dip by over 42% against Q1 2023, with approx. 7,270 units launched in Q1 2024 against 12,450 units in Q1 2023. Notably, 55% of the new supply was added in the ultra-luxury segment (homes priced >INR 2.5 Cr.)
• Chennai added approx. 7,290 units in Q1 2024, a yearly increase of 14% over Q1 2023. At least 87% of the new supply was in the mid and premium segments (priced within INR 40 lakh to INR 1.5 Cr)
• Kolkata added approx. 4,290 units in Q1 2024, a decline of 27% over Q1 2023. Approx. 90% of the new supply was in the affordable and mid segments (priced up to INR 80 lakh.)

Source: ANAROCK Research

Overall Sales Overview

Approx. 1,30,170 units were sold in Q1 2024 – an increase of 14% over Q1 2023. NCR, MMR, Bengaluru, Pune, and Hyderabad together accounted for 91% sales in the quarter.

• MMR saw the highest housing sales of approx. 42,920 units in Q1 2024, increasing by 24% over Q1 2023. Approx. 34,690 units were sold in Q1 2023
• Pune saw approx. 22,990 units sold in Q1 2024, increasing by 15% over Q1 2023 when approx. 19,920 units were sold
• Hyderabad recorded the sale of approx. 19,660 units in Q1 2024, a 38% increase over Q1 2023 when approx. 14,280 units were sold
• NCR saw a 9% decline in housing sales – from approx. 17,160 units in Q1 2023 to approx. 15,650 units in Q1 2024.
• Kolkata also saw a decline of 9% in housing sales in the period – from approx. 6,185 units in Q1 2023 to approx. 5,650 units in Q1 2024.
• Bengaluru saw housing sales increase by 14% in Q1 2024 against Q1 2023, with approx. 17,790 units sold in Q1 2024 and approx. 15,660 units sold back in same period last year
• Chennai saw approx. 5,510 units sold in Q1 2024 – a decline of 6% over Q1 2023, at least partially attributable to factors like introduction of Tamil Nadu government’s three-tier guideline values for apartment complexes in late 2023, and high stamp duty and registration charges.

Price Movement

Average residential property prices across the top 7 cities have seen significant jump in the last one year – ranging between 10-32% in Q1 2024 when compared to Q1 2023, mainly due to increase in the prices of construction raw materials and overall rise in demand. Hyderabad and Bengaluru recorded the highest annual price jump of over 32% and 25%, respectively.

Available Inventory

Despite massive new supply added to the top 7 cities in Q1 2024, overall available inventory declined by 7% in Q1 2024 when compared to Q1 2023. The total available inventory in the top 7 cities as of Q1 2024-end stands at approx. 5.81 lakh units. At 27%, NCR witnessed the highest reduction in available inventory in Q1 2024 when compared to Q1 2023.

Also Read: Housing prices surged ~20% from 2021 to 2023

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 Despite hardening property prices and home loan interest rate hikes in early 2023, it has been a superlative year for Indian residential real estate. Latest ANAROCK Research data indicates that housing sales in the top 7 cities have created a new peak in 2023, breaching the previous high of 2022. Approx. 4,76,530 units were sold in 2023 against 3,64,870 units in 2022 across the top 7 cities – rising by 31% Y-o-Y. The last peak in the decade was seen in 2022, after 2014, when approx. 3.43 lakh units were sold in the top 7 cities.

MMR witnessed the highest sales of approx. 1,53,870 units in 2023, followed by Pune with approx. 86,680 units. The two western markets together led residential sales in 2023.

New launches across the top 7 cities saw a 25% annual rise – from approx. 3,57,640 units in 2022 to approx. 4,45,770 units in 2023. MMR and Pune saw the most new launches, together comprising an nearly 54% share of total new launches in the year.

Anuj Puri, Chairman – ANAROCK Group, says, “2023 has been phenomenal for the Indian housing sector, despite global headwinds, rising domestic property prices, and interest rate hikes over the first half this year. Housing sales in the top 7 cities breached the previous high of 2022, and new launches stayed in step with the current housing demand.”

“It was widely expected that rising property prices and interest rates, along with global market upheavals and uncertainties, would impact residential sales,” says Puri. “The market put paid to these predictions. Q4 2023 maintained the strong momentum set during the entire year with more than 1,27,370 units sold in the period. Interestingly, NCR was seen as deliberately restricting new supply in the year, to approx. 36,735 units, though it witnessed extremely healthy sales at approx. 65,625 units. With this cautious approach, NCR reduced its unsold inventory stock by a very significant 23% annually.”

Demand is likely to remain undeterred in 2024, even with average prices likely to appreciate by 8-10% across the top 7 cities. The unchanged home loan rates in the second half of 2023 helped maintain the overall positive consumer sentiment.

“While housing price hikes over the year did give rise to demand concerns, the unchanged home loan rates helped keep sales on an even keel,” says Puri. “Inflation in India has also more or less stabilized, and further hikes in the lending rate seem less than likely. The Indian economy remains bullish, and this directly correlates to residential demand. And, equally importantly, new supply is dominated by Grade A developers who are completing their projects on time. This is a strong housing demand bulwark.”

Among the budget categories, luxury housing demand increased exponentially as homebuyers continue to look for bigger livable spaces post the pandemic. The new luxury supply addition across the top 7 cities in 2023 has jumped up five times when compared to 2018. There is no reason to expect luxury housing demand to taper off in 2024.

Housing Sales Overview City-wise

Source: ANAROCK Research

Residential sales stood at approx. 4,76,530 units in 2023 against 3,64,870 units in 2022 across the top 7 cities – rising yearly by 31%. MMR, Pune, Bengaluru, Hyderabad, and NCR, together accounted for 91% of the sales in the year.

• MMR recorded the highest sales in 2023 across the top 7 cities. With nearly 1,53,870 units sold in 2023, the city witnessed an annual increase of a significant 40%.
• Pune recorded sales of around 86,680 units in 2023 – an increase of 52% over 2022.
• NCR recorded sales of approx. 65,625 units in 2023, increasing by 3% over the last one year.
• Bengaluru saw approx. 63,980 units sold in 2023 – an annual increase of 29%.
• Hyderabad recorded sales of approx. 61,715 units in 2023 – a yearly increase of 30% over 2022.
• Kolkata recorded sales of approx. 23,030 units in 2023 – an annual increase of 9% over the previous year.
• Chennai saw approx. 21,630 units sold in Chennai in 2023 – a yearly jump of 34% over 2022.

New Launches Overview – City-wise

Source: ANAROCK Research

The top 7 cities saw approx. 4,45,770 new units launched in 2023, as opposed to 3,57,640 units in 2022 – an annual increase of 25%. The key cities contributing to new unit launches in the year were MMR, Hyderabad, Pune, and Bengaluru, together accounting for 83% of the total supply addition.

• MMR saw the highest number (approx. 1,57,700) of new units launched in 2023 among the top 7 cities. Over 61% of the new supply was added in the INR 40 lakhs to INR 2.5 Cr budget segment.
• Pune added approx. 83,625 units in 2023, a significant annual increase of 30% over the previous year. Over 80% of the new supply was added in the INR 40 lakhs – INR 2.5 Cr budget segment.
• Hyderabad added new supply of approx. 76,345 units in 2023 – an increase of 12% over 2022. Over 82% of the new supply was added in the INR 40 lakh to INR 2.5 Cr budget segment.
• Bengaluru added approx. 54,435 units in 2023, a yearly increase of 11%. Approx. 92% of the new supply was added in the INR 40 lakhs – INR 2.5 Cr budget segment.
• NCR launched approx. 36,735 new units this year – a significant 45% rise over 2022. Over 51% of the new supply was added in the INR 40 lakh to INR 2.5 Cr budget segment.
• Chennai added approx. 20,140 units in 2023, a whopping annual increase of 102% over the previous year. Over 82% of the new supply was added in the INR 40 lakh to INR 2.5 Cr budget segment.
• Kolkata added approx. 16,790 units in 2023, an annual increase of just 4% over 2022. Approx. 78% new supply was added in sub-INR 80 lakhs budget segment.

Price Movement

Source: ANAROCK Research

On annual basis, housing prices rose by between 10-24% across the top 7 cities, primarily due to increased input costs and strong demand. Hyderabad recorded the highest yearly jump of 24% in average residential prices – from INR 4,620 per sq. ft. in 2022 to nearly INR 5,750 per sq. ft. in 2023.

Available inventory as of 2023-end

On an annual basis, available inventory declined by 5% in 2023-end across the top 7 cities despite strong new housing supply during the current year. Approx. 6 lakh units are available for sale across the top 7 cities in India. Interestingly, NCR saw the highest decline of 23% in unsold stock on a yearly basis – from approx. 1,23,690 units by 2022-end to approx. 94,800 units as of 2023-end. This is the first time since 2013 that NCR’s unsold stock is less than a lakh units.

Also Read: Indian Real Estate: Altered courses and emerging stronger in 2024

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The unstoppable Indian residential sector surpassed all previous highs in 2023 with housing sales creating a new peak quarter-on-quarter. Concurrently, the overall sales value of sold housing inventory also inched higher. Even before Q4 2023 sales numbers are collated, the strong sales momentum indicates that the total value of homes to have found buyers in 2023 will cross the INR 4.5 lakh Crore mark – 38% higher than the total sales value of entire 2022, which saw INR 3.27 lakh Cr worth of homes sold.

In just the first nine months of 2023, the total residential property sales value is already 7% higher than the whole of last year, with the top 7 cities seeing inventory worth approx. INR 3,48,776 Cr sold in this 9-months period. Entire 2022 saw approx. INR 3,26,877 Cr worth of inventory sold.

Between January and September 2023, approx. 3.49 lakh units were sold in the top 7 cities, against approx. 3.65 lakh units in entire 2022. In value terms:

• MMR topped the list with approx. INR 1,63,924 Cr worth of inventory (approx. 1,11,280 units) sold in the first nine months of 2023
• NCR follows with approx. cumulative sales value of INR 50,188 Cr (approx. 49,475 units) sold in this period 
• Bengaluru saw homes worth approx. INR 38,517 Cr (approx. 47,100 units) sold in 9M 2023 
• In Hyderabad, approx. 44,220 units worth approx. INR 35,802 Cr sold in the period
• Pune saw approx. 63,480 units worth approx. INR 39,945 sold till Sept. 2023, indicating a higher traction of budget housing in the city
• Chennai witnessed approx. 16,310 units worth approx. INR 11,374 sold in 9M 2023 
• Kolkata saw the lowest overall value (approx. INR 9,025 crore) of housing inventory (17,280 units) sold in the period – again indicating higher sales of affordable homes

Anuj Puri, Chairman – ANAROCK Group, says, “The fact that the housing sales value in 9M 2023 exceeded that of the whole of entire 2022 reflects the increased demand for premium luxury homes this year. This, along with the fact that average prices in the top cities rose by anywhere between 8-18% this year, makes an apple-to-apple comparison of annual sales values challenging.”

“If we look at the quarter-on-quarter sales values in 2023, each quarter saw consistent growth and overall sales value has already breached the INR 1 lakh crore mark,” says Puri. “In Q1 2023, homes worth INR 1,12,976 Cr were sold in the top 7 cities, Q2 2023 saw a jump of 1%, and then a further jump of 8% in Q3 2023. Sales in the ongoing festive quarter have been robust across these markets and the concluding quarter of 2023 will be no different. Thus, we expect the overall housing sales value to cross INR 4.5 lakh crore by 2023-end.”  

Sales Value Growth: 9M 2023 vs 9M 2022

Comparing the first nine months of 2022 and 2023 shows a 44% jump in total sales values of homes sold – from approx. INR 2,43,027 Cr in 9M 2022 to approx. INR 3,48,776 Cr in 9M 2023.

• Pune recorded the highest yearly jump (96%) in total sales values – from approx. INR 20,406 Cr in 9M 2022 to approx. INR 39,945 Cr in 9M 2023.
• Chennai saw a 45% jump in the overall housing sales values in the period – from approx. INR 7,825 Cr in 9M 2022 to approx. INR 11,374 crore in 9M 2023.
• Hyderabad saw homes worth approx. INR 35,802 Cr sold in 9M 2023, against a sales value of approx. INR 25,001 Cr in same period in 2022. In a year, Hyderabad saw housing sales increase by 43%.
• Bengaluru saw a 42% jump in total sales value – from approx. INR 27,045 Cr in 9M 2022 to approx. INR 38,517 Cr in 9M 2023.
• MMR saw a yearly gain of 41%, with total sales value of approx. INR 1,63,924 Cr in 9M 2023 against approx. INR 1,16,242 Cr in 9M 2022.
• NCR saw its overall housing sales value clock in at approx. INR 50,188 Cr in 9M 2023, against approx. INR 38,895 Cr in 9M 2022 – an annual increase of 29%.
• At 19%, Kolkata saw the lowest yearly jump in overall sales values in 9M 2023 against corresponding period in 2022. The overall value of homes sold in the city was approx. INR 9,025 Cr in 9M 2023, against INR 7,612 Cr in 9M 2022.

Also Read: Millennials and Gen Z constituted 53% of demand for home loans

The post Housing Sales Value to Cross INR 4.5 Lakh Cr in 2023, From INR 3.27 Lakh Cr in 2022 appeared first on Square Feat India.