It is believed that the Indian housing market was growing during the 3rd quarter of 2023 despite it being a typically slow monsoon period. 1,20,280 units of housing have been sold across the seven largest cities in India as compared to around 88,230 units sold in the same timeframe in 2022. This translates into an impressive 36 percent increase in sales per year, according to a report by ANAROCK, an Indian real estate consulting firm that is based in India.
The report noted that the cities in the top seven regions also saw an increase in supply of 1,16,220 units being added to the period, compared to the 93,490 units that were added in the same period in 2022. This is which is a 24 percent annual growth.
The seven cities are Mumbai Metropolitan Region (MMR), Pune, National Capital Region (NCR), Bengaluru, Hyderabad, Chennai and Kolkata.
Budget Segment
Based on the research for budget segments, the middle-range segment (homes priced between Rs 40 and lakh) was the most popular by gaining a 29 percent share of total new supply during the third quarter of 2023. The premium segment (homes priced at or above 1.5 crore) 1.5 million) and the premium segments (Rs 80 lakh to Rs 1.5 crore) came in close second, with each a share of 27 percent.
RELATED STORIES
- Greater Noida meets close to a 50% target for investment.
- The Mumbai Office lease market will see 26.9 percent QoQ growth in the 3rd quarter of 2023. This is the highest growth among the top eight cities
- MICL receives Occupancy Certificate for residential project in Mulund, Mumbai
Despite the increase in new supply, existing housing inventory showed an annual decline of 3 percent across the top seven cities ranging between approx. 6.30 lakh units at Q3 2022’s end to approximately. 6.10 lakh units at the end of Q3 2023.
Wave Group was founded in 1963. Wave Group has businesses spread across diverse sectors like residential and commercial real estate malls and multiplexes residential townships, infrastructure development, land development beverages, sugar production energy, education, entertainment, and sports, as well as agriculture.
“With our recent fundraising efforts, our objective is to augment the IndoSpace portfolio within the next three to four years. The fund will focus on India’s largest logistics real estate markets Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune,” He said.
With this in mind, IndoSpace will keep deepening its presence in the existing 11 markets (Rajpura Delhi/NCR Ahmedabad, Mumbai, Pune, Bengaluru, Coimbatore, Chennai, Sri City, Anantapur, and Hyderabad) and will aim to expand to the eight top markets of tier-I in 3 years, the CEO added.
IndoSpace is a collection of 52 logistics parks, with more than 58 million square feet of space delivered or under development in 11 cities.