Quarterly Housing Sales: A Mixed Bag
Q2 2023 (Apr-Jun) Sees 6% Decline in Housing Sales
According to the latest quarterly data released by PropTiger, a division of REA India (owner of Housing.com), housing sales in the top 8 Indian cities decreased by 6% in the April-June quarter compared to the January-March quarter. This decline is attributed to the caution exercised by investors and builders due to the Lok Sabha polls.
Key Highlights:
- Housing sales dropped from 120,642 units in Jan-Mar to 113,768 units in Apr-Jun.
- Despite the quarterly decline, home sales saw a significant 42% year-over-year (YoY) growth from 80,245 units in Apr-Jun last year.
City-Wise Breakdown:
| City | Jan-Mar Sales | Apr-Jun Sales | % Change |
|---|---|---|---|
| Ahmedabad | 12,915 | 9,500 | -26% |
| Bengaluru | 10,381 | 13,495 | +30% |
| Chennai | 4,427 | 3,984 | -10% |
| Delhi-NCR | 10,058 | 11,065 | +10% |
| Hyderabad | 14,298 | 12,296 | -14% |
| Kolkata | 3,857 | 3,237 | -16% |
| Mumbai MMR | 41,594 | 38,266 | -8% |
| Pune | 23,112 | 21,925 | -5% |
Expert Insights
'>Demand for homes moderated during the April-June period due to the general elections, even though consumer sentiment remains extremely positive about real estate investments on the back of strong fundamentals,' said Vikas Wadhawan, Group CFO, REA India, and Business Head, PropTiger.com.
Wadhawan further noted, '>A decrease in new launches in half of the cities sampled in PropTiger analysis indicates that the developer community, too, exercised caution.'
Future Outlook
Wadhawan expressed optimism for the coming quarters, especially during the festive months, with expectations of a pro-investment Union Budget following the formation of the new government.