Year Ender: 47,100 Homes Worth 38,000 Crore Sold In Just 9 Months In Bengaluru

The demand for residential flats has gone up by 42 per cent compared to 2022, The Times Of India reported citing property consultancy firm Anarock.

The report claims that a total of 47,100 units were sold in the first nine months of the year (January-September) alone. The sale of residential units is valued at 38,517 crore.

The rise in value signifies a surge in real estate prices in Bengaluru, coupled with an increase in sales. In 2022, Garden City witnessed the sale of only 47,500 residential units. Pune boasted the highest growth at 96 per cent in terms of the value of properties sold this year, while the Mumbai Metropolitan Region, Hyderabad, and Chennai exhibited sales growth in the range of 40 per cent to 45 per cent, as per the report.

Kishore Jain, chairman of Confederation of Real Estate Developers' Association of India (Credai), Bengaluru, told the daily: "The numbers (value) are not surprising as we've had a good year so far. On average, per-unit value is around Rs 80 lakh, while there has been an uptick in luxury homes as demand for affordable housing remains low."

He has predicted that in the remaining three months (October-December), at least 16,000-20,000 more housing units would be sold. "We saw more than 16,000 units sold in Q3 (Jul-Sept) and Q4 is the holiday quarter and we're expecting more sales. There is also some demand from the NRI community, we are likely to see several deals being closed," he added.

As per Anarock, the Indian residential sector has achieved record-breaking quarterly peaks in housing sales.

"Concurrently, the overall sales value of sold housing inventory also inched higher. Even before Q4 2023 (Oct-Dec) sales numbers are collated, the strong sales momentum indicates that the total value of homes to have found buyers in 2023 will cross the Rs 4.5-lakh-crore mark - 38% higher than the total sales value of entire 2022, which saw Rs 3.27 lakh crore worth of homes sold," the firm's analysis stated.

The combined business made by top 7 cities - NCR, MMR, Hyderabad, Bengaluru, Pune, Chennai and Kolkata - nearly made a business of nearly Rs 3.5 lakh crore in 2023 as against Rs 2.4 lakh crore in the same period in 2022.