Real estate price outlook 2024: Here’s what to expect from residential property next year Businesstoday.in Rahul Oberoi
The Indian residential market remained unstoppable in 2023. In the first nine months of 2023, housing sales reached an all-time high. According to ANAROCK Research, total housing sales in the first nine months were more than 349,000 units across the top 7 cities, which was 96 per cent of the total sales recorded in 2022, despite the rise in both interest rates and housing prices.
Anuj Puri, Chairman, ANAROCK Group, said the trend has continued in the current quarter as well, with several developers seeing a significant uptick in both new launches and housing sales. In Q3 2023, housing sales hit a new peak, with approximately 120,300 units sold across the top 7 cities.
“This indicates that the appetite for homeownership has remained undeterred, with maximum sales being driven by end-users. Meanwhile, there has been increased new supply by the leading and listed developers, who also reported robust housing sales. This trend will continue in the upcoming quarters as well, since homeownership sentiment has increased hugely in 2023. Residential demand continues to remain strong,” said Puri.
