Indian Real Estate Market Witnesses Surge in 2023

Indian Real Estate Market Witnesses Surge in 2023

VoM News Desk | December 15, 2023 | 11:08 AM IST | Breaking News | Follow on Google News

Indian Real Estate Market Witnesses Surge in 2023

Indian Real Estate Market Witnesses Surge in 2023

The Indian residential real estate market has experienced a significant upswing in 2023, notably in the top seven cities, where housing sales in the first nine months surpassed the entire sales volume of 2022. Anarock, a real estate consultancy, reported sales exceeding ₹3.48 lakh crore in these cities, outpacing the ₹3.26 lakh crore sales recorded in 2022. Projections estimate housing sales to reach ₹4.5 lakh crore by year-end.

City-Wise Sales Highlights
Mumbai led the sales charts with transactions amounting to ₹1.63 lakh crore, followed by Delhi-NCR with ₹50,188 crore, marking a substantial 29% increase from the previous year’s ₹38,895 crore during the same period. The surge in sales is linked to increased demand for premium luxury homes, causing price hikes ranging from 8% to 18% across major cities.

Rising Trend in Luxury Housing
The real estate sector has noticed a growing inclination towards luxurious and high-quality housing, particularly in areas like Gurugram, highly favored by affluent millennials and high-net-worth individuals. Stakeholders emphasize the importance of supportive government policies to sustain market strength. This includes addressing liquidity concerns for project funding and reevaluating regulatory restrictions, such as the ban on constructing fourth floors in Gurugram and the proposed rise in circle rates.

India Shelter Finance Corporation’s IPO
In parallel news, India Shelter Finance Corporation has initiated its initial public offering (IPO) to raise ₹1,200 crore. Specializing in providing loans and advances for housing, the company focuses on self-employed individuals and first-time home loan seekers in low and middle-income groups across Tier II and Tier III Indian cities. With a presence in states like Rajasthan, Maharashtra, Madhya Pradesh, Karnataka, and Gujarat, the company operates through 203 branches across 15 states. Notably, as of September 30, 2023, 70.7% of its clientele comprises first-time home loan applicants.

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VoM News Desk

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