Top residential markets in India continued their golden run in 2023 with housing sales rose by 33 per cent to nearly 4.11 lakh units while new supply grew 20% to record 5.17 lakh units. Despite initial challenges like rising interest rates and escalating real estate prices, India witnessed a double-digit growth in both demand and new supply last year with the new housing supply hitting an all-time high.
The top Indian cities that saw huge surge in the demand for housing sales in all four quarters of 2023 were Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Delhi-NCR (including Noida, Gurugram, Greater Noida, Ghaziabad and Faridabad), MMR (including Mumbai, Navi Mumbai & Thane) and Pune.
Owing to the current stability in interest rates, the housing sector witnessed a high demand. This has also instilled confidence among the developers, enabling them to present more attractive offers during the New Year season. As we are stepping into the new growth phase of 2024, this stability can set a positive tone for the residential real estate sector.