Housing launches increased by 86% Y-o-Y at a record high

The top eight residential markets in India experienced a 22% increase in sales and an 86% increase in supply between January and March of this year, according to a study by PropTiger. Despite further increases in home loan interest rates, housing sales climbed. Real estate developers aggressively introduced new products to the market to meet the soaring demand. Both sales and new launches are increasing, which indicates that the Indian housing market is expanding significantly. This is especially significant in light of the difficult global economy and the rising cost of mortgages on the domestic market. Despite these challenges, the research notes that housing sales increased by a high double-digit 22% during the first quarter of 2023, suggesting persistent sales momentum. From January to March 2023, sales increased from 70,630 units in the same period last year to 85,850 units across eight cities. Over these eight major cities, new launches increased from 79,530 units to 147,780 units, the biggest number in a quarter. In the top 8 cities, both supply and demand have seen double-digit growth. While new supply is at an all-time high, sales have expanded at a much slower rate, primarily because homebuyers are taking their time to find the appropriate product. Also read: Maharashtra government to buy Air India's building for Rs 1,600 crore CAG's higher land premium proposal ignored by Ahmedabad civic body