During the quarter that concluded in March, residential real estate experienced sustained growth in demand and conversion throughout India's major property markets.
Additionally, all markets' prices have increased year over year for the seventh straight quarter. Prices have either remained constant or increased across markets over the quarter, even in consecutive terms.
According to Knight Frank India data, prices have increased significantly in the majority of markets, with Bengaluru, Mumbai, Chennai, and Hyderabad leading the way with 5-7% increases.
The residential market entered 2023 on solid ground, with sales of 79,126 units in the first quarter of the year, up 1% from the same period last year when house loan rates were at an all-time low of 6.6% as opposed to 9% presently.
Sales increased the greatest in Hyderabad, up 19% from a year ago, while marginally declining in Mumbai and Bengaluru, the two biggest markets, at -6% and -2% respectively.
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