MMR’s housing sales surge by 40% in 2023 | Image:Pixabay
MMR housing surge: Mumbai Metropolitan Region (MMR) saw a 40 per cent surge in housing sales in 2023, with 153,870 units sold, marking a substantial increase from the 109,730 units sold in the previous year. According to the Anarock report, the top seven real estate markets in India, including Mumbai Metropolitan Region (MMR), collectively saw a 31 per cent increase in housing sales last year.
“The Mumbai region witnessed an uptick in housing sales and project completions in 2023, despite the challenges posed by high interest rates on home loans and escalating property prices nationwide,” said LC Mittal, Director, Motia Group.
MMR dominates completion
Furthermore, MMR led in terms of completed residential projects in 2023, with a total of 143,500 units finalised. Anuj Puri, Chairperson, Anarock Group highlighted that 2023 marked a peak in annual unit completions, with over 435,000 homes receiving the “Ready to Move In” status across the top seven cities.
Puri also highlighted the trend of millennials showing a preference for ready-to-move-in properties due to their potential for high rental yields. Looking ahead, he mentioned that more than 531,000 units are slated for completion across these cities in 2024.
Cityscape sales surge
Housing sales across the top seven cities reached a new high in 2023, surpassing the previous record set in 2022. Approximately 476,530 housing units were sold last year, representing a 31 per cent year-on-year increase. In addition to MMR, cities like Pune, NCR, Bengaluru, and Hyderabad also saw substantial numbers of housing units sold.
The report also indicated a yearly rise in housing prices ranging from 10 per cent to 24 per cent across these cities, attributed to heightened input costs and robust demand. Hyderabad experienced the highest annual price surge at 24 per cent, followed by Bengaluru at 18 per cent.
Enduring luxury appeal
“There will be sustained demand for luxury housing amongst buyers, with a fivefold increase in new luxury supply across the top seven cities in 2023 compared to 2018,” Puri said. He anticipated continued demand for luxury properties in 2024.
In terms of housing completions in 2023, MMR led the pack with 143,500 units finished, followed by NCR with 114,280 units. Other cities like Pune, Bengaluru, Hyderabad, and Chennai also contributed to the completion of a significant number of housing units.
