1,20,280 units were sold in Q3 in the top 7 cities, representing a 36% increase in property sales

According to Anarock, housing sales increased 36% year over year to a record 1,20,280 units in seven main cities between July and September due to strong demand and steady mortgage rates.

In the seven biggest cities, housing sales totaled 88,230 units at the same time last year.

According to statistics released by real estate consultancy Anarock, property prices on average increased by 11% yearly in the seven cities between July and September of this year. Hyderabad saw the greatest increase of 18%.

The quarterly sales from July to September reached an all-time high, according to Anarock.

Sales of condominiums, single-family homes, and separate floors are included in housing statistics, but plot sales are not.

Anuj Puri, the chairman of Anarock, said that the Mumbai Metropolitan Region (MMR) and Pune were responsible for 51% of the total sales.

Puri pointed out that the Reserve Bank of India’s two most recent monetary policies, which maintained the repo rate pause, are at least largely responsible for the ongoing good sales momentum.

“This has kept home loan interest rates stable, keeping housing purchase sentiment high,” he said.

The report shows that during July to September 2023, house sales in Delhi-NCR increased by 6% to 15,865 units from 14,970 units the previous year.

Housing sales in MMR grew 46% to 38,500 units over the reporting period from 26,400 units.

Between July and September of this year, Bengaluru saw an increase in housing sales of 29%, from 12,690 units to 16,395 units.

Sales increased by a high of 63% to 22,885 units from 14,080 units in Pune.

Hyderabad had a 41% rise in residential property sales from 11,650 to 16,375 units.

Housing sales in Chennai increased by 42% to 4,940 units from 3,490 units.

Between July and September of last year, Kolkata saw an increase in housing sales of 7%, from 4,950 units to 5,320 units.

“Over the last several years, there has been a significant demand for housing due to the steadily expanding ambition to buy a house, which is mostly driven by rising income levels. The trend is anticipated to continue in the near future, according to Mohit Jain, managing director of Gurugram-based real estate company Krisumi Corporation.

Along with the desire for elite living experiences, the demand for luxury homes is anticipated to continue to be high, he added.

“Keeping pace with the demand for luxury homes, the supply is also expected to remain strong,” added Jain.