Wednesday, June 28, 2023

Resilient Housing Market Defies Global Uncertainties: Sales Surge By 8% In Q2 2023, PropTiger.com Report


·         Mumbai and Pune Dominate Sales, Accounting for 61% of Overall Market Share

·         New Housing Supply Witnesses 11% Increase, Led by Mumbai's Strong Performance

Sales of residential units and new supply witnessed an 8 percent and 11 percent year-on-year (YoY) growth in the April-June quarter of 2023 across eight major cities in the country, respectively, underscoring the resilience of the housing market, reported  PropTiger.com.

A total of 80,250 units were sold in the eight cities in Q2 2023 compared to 74,320 in the year-ago quarter, showing a growth of 8 percent, said the Real Insight Residential – April-June 2023 report, a quarterly analysis of India's top eight residential markets by REA backed PropTiger.com.

The markets covered in the report include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region, and Pune.

Mumbai and Pune continue to record the maximum traction, taking a combined share of 61 percent in overall sales in Q2 2023.

On the residential new supply front, realtors launched 113,770 units, an increase of 11 percent compared to 102,140 in the April-June quarter of 2022. Mumbai has been the frontrunner in terms of new supply, followed by Pune and Ahmedabad.

"India’s top eight residential markets continue on a growth path with sales rising by 8 percent in the June quarter. The RBI's decision to pause the hike in the key lending rate helped in sustaining strong positive sentiments for buying residential properties," said Mr. Vikas Wadhawan, group CFO, REA India & Business Head PropTiger.com.

"The driving factors behind the uptick in housing sales over the last two years are pent-up demand from the COVID-affected period, growing appetite for homeownership, revival in the economy post-pandemic, and the evolving need for more spacious homes. We anticipate that the upward trend will persist, making the 2023 calendar year even better than the previous year in terms of sales performance.," Mr. Wadhawan added.

During Q2 2023, 15 percent of the residential units sold were classified as ready-to-move-in, while the remaining 85 percent were still under construction. The majority of sales, comprising 27 percent, were concentrated in the price range of INR 45-75 lakh, closely followed by the price range of over INR 1 crore, which accounted for 25 percent of the overall sales.

In a semi-annual comparison, sales witnessed notable growth of 15 percent, while new supply experienced a substantial increase of 43 percent.

The largest portion of new residential units introduced in Q2 2023 was focused on the INR 45-75 lakh price range, accounting for the highest share of 33 percent among all launches. Notably, units priced at over INR 1 crore constituted a significant portion, representing nearly 29 percent of the total.

Ms. Ankita Sood, Head of Research, REA India (PropTiger.com, Housing.com & Makaan.com) said, The western markets sustain their property rally as Mumbai and Pune witness considerable growth in demand the second quarter. These cities take a combined share of 61 percent from the national sales tally primarily boosted by demand in localities such as Thane West and Dombivali in Mumbai and Charholi Budruk and Hadapsar in Pune. We see this surge in demand is driven by end users seeking improved amenities and an enhanced lifestyle."

NOTE: Housing markets covered in the report includes Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai & Thane) and Pune.

About REA India Pte. Ltd.

REA India (previously known as Elara Technologies Pte. Ltd.) is a part of REA Group Ltd. of Australia (ASX: REA) (“REA Group”). It is the country’s leading full stack real estate technology platform that owns Housing.com, Makaan.com and PropTiger.com.

In December 2020, REA Group acquired a controlling stake in REA India. REA Group, headquartered in Melbourne, Australia, is a multinational digital advertising business specialising in property. It operates Australia’s leading residential and commercial property websites, realestate.com.au and realcommercial.com.au and owns leading portals in Hong Kong (squarefoot.com.hk) and China?(myfun.com). REA Group also holds a significant minority shareholding in Move, Inc., operator of?realtor.com?in the US, and the PropertyGuru Group, operator of leading property sites in Malaysia, Singapore, Thailand, Vietnam and Indonesia.

REA India is the only player in India that offers a full range of services in the real estate space, assisting consumers through their entire home seeking journey all the way from initial search and discovery to financing to the final step of transaction closure. It offers advertising and listings products to real estate developers, agents & home owners, exclusive sales and marketing solutions to builders, data and content services, and personalised search, virtual viewing, site visits, negotiations, home loans and post- sales services to consumers for both buying and renting.

REA India has a national presence with 23 offices across India with its corporate office located in Gurugram, Haryana. 

Housing.com

Founded in 2012 and acquired by REA India in 2017, Housing.com is India’s leading full stack proptech platform for homeowners / home seekers, landlords, developers, and real estate brokers. The company offers listings for new homes, resale homes, rentals, plots, commercial spaces and co-living spaces in India. Backed by strong research and analytics, the company’s experts provide comprehensive real estate services that cover advertising and marketing, sales solutions for real estate developers, personalized search, virtual viewing, AR&VR content, home loans, end-to-end transaction services and post-transaction services to consumers for both buying and renting.

PropTiger.com

PropTiger.com is among India’s leading digital real estate transaction and advisory services platform, offering a one-stop platform for buying residential real estate. Founded in 2011 with the goal to help people buy their dream homes, PropTiger.com leverages the power of information and the organisation’s deep-rooted understanding of the real estate sector to bring simplicity, transparency and trust in the home buying process. PropTiger.com helps home-buyers through the entire home-buying process through a mix of technology-enabled tools as well as on-ground support. The company offers researched information about various localities and properties and provides guidance on matters pertaining to legal paperwork and loan assistance to successfully fulfil a transaction.

Makaan.com

Makaan.com was acquired by REA India in May 2015, with a vision to establish a true "marketplace" in real estate. Makaan.com has quickly emerged as the preferred partner for consumers looking to rent, buy or sell a home. Makaan.com offers its online consumers maximum property options and has become one of the largest advertising platforms in online real estate in India.  

No comments:

Total Pageviews