The average property prices across seven large cities increased in the range of 6-10% in Q2 2023, compared to Q2 2022 due to an increase in the prices of construction materials and an overall rise in demand, according to Anarock Research data.
Data shows that among all seven cities, Hyderabad recorded the highest 10% annual jump in price. The average price of residential property in Hyderabad by Q2 2023 end was Rs 4980 per sq ft.
Hyderabad has also recorded a 21% spike in sales of residential housing units. The city witnessed sales of approx. 13,570 units in Q2 2023 compared to 11,190 units in Q2 2022.
Meanwhile, overall sales and supply of new units across seven cities have also increased in one year even as home loan rates have jumped in this period.
Anarock Research data shows that despite spiralling home loan rates in the recent past and global economic headwinds including layoffs by several large and small corporates, the bull run in the Indian housing market continued in the second quarter of the year.
Also Read: Home Purchase: A step-by-step guide to help you buy a second home
Quarterly housing sales were at an all-time high with approx. 1,15,100 units sold in Q2 2023 across the top 7 cities. This is a 36% yearly rise as against approx. 84,940 units sold back in Q2 2022.
Mumbai Metropolitan Region (MMR) and Pune accounted for over 51% of the total sales across the top seven cities, with Pune witnessing the highest 65% yearly jump. As many as 58,770 units were sold altogether in Pune and MMR.
“The housing market is yet to feel the impact of the home loan rate hike early this year, and of the global economic headwinds. It continues to be on a roll with the momentum remaining strong even in the second quarter of 2023. Housing sales in the top 7 cities broke the previous high record of Q1 2023 and stood at more than 1.15 lakh units in Q2 2023. Pune and MMR were the only two cities to see a quarterly rise in housing sales – of 4% and 10% respectively while other cities saw some dip. But on a yearly basis, most top 7 cities saw a significant jump in housing sales,” said Anuj Puri, Chairman, of Anarock Group.
City-wise sales
Housing Sales in Top 7 Cities (In Units) % Percentage Change
| Cities | Q2 2023 | Q1 2023 | % Change (Q1 2023 Vs Q2 2023) | Q2 2022 | % Change (Q2 2022 Vs Q2 2023) |
| NCR | 16,450 | 17,160 | -4% | 15,340 | 7% |
| MMR | 38,090 | 34,690 | 10% | 25,790 | 48% |
| Bengaluru | 15,050 | 15,660 | -4% | 11,510 | 31% |
| Pune | 20,680 | 19,920 | 4% | 12,500 | 65% |
| Hyderabad | 13,570 | 14,280 | -5% | 11,190 | 21% |
| Chennai | 5,490 | 5,880 | -7% | 3,810 | 44% |
| Kolkata | 5,780 | 6,190 | -7% | 4,800 | 20% |
| Total | 1,15,110 | 1,13,780 | 1% | 84,940 | 36% |
Pune: 20,680 units sold in Q2 2023, increasing by 65% over Q2 2022.
Delhi-NCR: 7% growth in housing sales, from 15,340 units in Q2 2022 to nearly 16,450 units in Q2 2023.
Kolkata: 20% increase in Q2 2023 over Q2 2022, with approx. 5,780 units sold in Q2 2023.
MMR and Bengaluru: Housing sales increased by 48% and 31% respectively in Q2 2023 against Q2 2022, with approx. 38,090 and 15,050 units sold, respectively.
Chennai: 5,490 units were sold in Q2 2023, increasing by 44% against Q2 2022.
Hyderabad: Approx. 13,570 units were sold in Q2 2023, a spike of 21% over Q2 2022.
Also Read: Delhi-NCR records steepest increase in housing prices – Here’s why
According to Anarock Research data, the top 7 cities also recorded new launches of around 1,02,610 units in Q2 2023 against 82,150 units in Q2 2022, increasing by 25% over the previous year’s corresponding period. The key cities contributing to new launches in Q2 2023 included MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, together accounting for 84% supply addition.