According to property consultancy Anarock, house sales in India's top seven cities would reach an all-time high of 115,100 units in the quarter ending June 30. Despite increased mortgage rates and global headwinds, this is 36% more than the 84,940 units sold in the same period last year.
Anarock calculated the quarterly figure by taking into account the average sales velocity in these cities.
The Mumbai Metropolitan Region (MMR) and Pune were the only two cities that saw an increase in housing sales when compared to the previous quarter.
Based on Anarock data, a total of 38,090 units will be sold in MMR, which is 10% more than the 34,690 units sold previous year. Pune is predicted to experience a 4% increase in total sales, with 20,680 units sold compared to 19,920 units last year. Pune and MMR together account for 51% of total housing sales in the top seven cities.
All other cities, including the National Capital Region (NCR), Bengaluru, Hyderabad, Chennai, and Kolkata, are likely to suffer a drop in sales quarter on quarter (QoQ).
See also:
Record-breaking housing sales reach Rs 3.47 trillion in FY23
Indian real estate booms: 558K home completions expected
