Dec 30, 2023

Indian Residential Real Estate Soars to New Heights in 2023

In a surprising turn, the Indian residential real estate sector showcased remarkable resilience in 2023, even amidst challenges like rising property prices and early-year home loan interest rate hikes. ANAROCK Research revealed that housing sales in the top seven cities reached an unprecedented high, surging by 31% YoY, with approximately 4,76,530 units sold. Leading the charge, MMR witnessed the highest sales, closely followed by Pune. Notably, NCR strategically limited new supply, optimizing its unsold inventory by a significant 23%.

Aman Sarin, Director & CEO of Anant Raj Limited, highlighted the luxury segment's prominence, noting the heightened demand for high-end flats ranging from Rs 2 crore to Rs 100 crore while talking to Financial Express. While luxury housing flourished, Sarin also emphasized the continued vibrancy in the low-cost and mid-income segments, foreseeing a promising 2024. This buoyancy is anchored by India's economic growth, burgeoning consumer trust, and established players amplifying their market presence.