According to the latest data released by real estate consultancy JLL on Monday, the residential market in the top metro cities, including Hyderabad, has shown consistent growth in the first half of 2023. The sales of homes across India have reached a 15-year high, with a total of 126,587 units sold in the first six months of the year. This figure represents a significant increase of 21 percent compared to the corresponding period last year.
According to the report, Bengaluru witnessed the highest residential sales with 26,625 units sold, followed by Mumbai with 26,188 units and Pune with 25,201 units. However, the city of Hyderabad experienced the most significant growth, with a remarkable increase of 69 percent. In the first half of 2023, the number of houses sold in Hyderabad reached 15,925 units, compared to 9,449 units during the same period last year. Similarly, Pune witnessed a notable rise in sales, increasing from 16,802 units in the first six months of last year to 25,201 units this year.
The half-yearly sales were dominated by the major markets of Mumbai and Bengaluru, each contributing 21 percent of the total sales. Pune also made significant progress, accounting for 20 percent of the overall sales.
Siva Krishnan, Senior Managing Director and Head of Residential, India at JLL, expressed that the government's proactive measures, combined with the RBI's decision to pause the repo rate in recent instances, along with controlled inflation, have greatly contributed to the resurgence of the residential market. Krishnan further mentioned that with the approaching festive season and optimistic customer sentiment, they anticipate the residential market to achieve unprecedented growth in the second half of the year.
A significant portion of the residential sales in the first half of this year can be attributed to projects that were launched within the past 18 months. These recently launched projects have played a major role in driving the sales figures during this period.
Dr. Samantak Das, Chief Economist and Head of Research & REIS, India at JLL, stated that the Indian residential market experienced notable growth in the first half of this year, achieving the highest sales in 15 years. The surge in demand for recently launched projects reflects the growing consumer confidence in under-construction projects as well.
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