JLL India: Housing sales boom to continue in 2023

01 Jan 2023

According to JLL India, sales of residential units, which increased 68% in 2022, are set to continue this year thanks to an anticipated slowdown in inflation and better price offers from builders.

Sales of flats in seven key cities — Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune — increased by 68% to 2,15,666 units in 2022 from 1,28,064 units the year before.

Mumbai includes cities of Thane, Navi Mumbai, and the suburbs of Mumbai.

The greatest annual sales peak was reached in 2010 with 2,16,762 units, and the 2022 sales of 2,15,666 units were the most in nearly a decade.

Only flats are included in the data; rowhouses, villas, and planned developments have been excluded.

According to JLL India's assessment of the future, "Sales momentum is projected to sustain in 2023 on the expectations of lowering inflation supporting a reversal in repo rate hikes."

Additionally, it continued, "expected actions from stakeholders, such longer loan tenures and alluring pricing agreements, will keep customers' affordability levels within comfort levels."

Apartment sales increased in 2022, according to JLL India, despite rising mortgage rates, property values, and global headwinds.

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