Real Estate Sector: 10 year old housing sales record may be broken in 2023, despite expensive home loans, more than 3 lakh houses are expected to be sold.

Real Estate Sector: 10 year old housing sales record may be broken in 2023, despite expensive home loans, more than 3 lakh houses are expected to be sold.

India Real Estate Sector: The year 2023 is expected to be great for the housing sector. In the current year, be it housing sales or launch of new housing units, the 10 year old record of 2013 may be broken in both the cases. It is estimated that in 2023, the sale of new homes and the launch of new housing units may cross the figure of 3 lakh. 

2.30 lakh houses sold in 9 months 

Real estate consultant CBRE has released data according to which 2.30 lakh houses have been sold in the 9 months of 2023, which is 5 percent more than the number of houses sold during the 9 months of 2022. A total of 2.20 lakh new housing units have been launched in 9 months of 2023. Mid-end projects account for 48 percent of the total sales in 9 months. Pune, Mumbai and Bengaluru have 62 percent share in total sales. Whereas Mumbai, Pune and Hyderabad have 64 percent share in the launch of new housing units in 9 months.  

Large number of first time homebuyers 

There is a possibility of a big jump in the number of first-time home buyers in the coming days. People who were currently thinking of buying their house can buy their house by taking advantage of the offers and discounts available during the festive season. According to the report, be it new launches or sales, the number of mid-segment homes is going to be the highest. The demand for premium and luxury segment projects is also going to be strong. According to CBRE, even though home loan interest rates have become expensive, it is not going to have any impact on housing demand. Let us tell you that from May 2022, RBI increased its policy rates repo rate by 2.50 percent and increased the repo rate from 4 percent to 6.50 percent. 

Affordability alone does not matter  

CBRE said in its report that affordability is not the only priority among homebuyers. Homebuyers are now giving more importance to neighbourhood, amenities, health and safety, smart home technologies while buying a house. According to the report, house prices may continue to rise in select places, in which unsold inventory and housing demand are going to play a major role.   

Also read 

SEBI Order: SEBI bans financial influencer operating in the name of Baap of Chart, orders to return Rs 17.20 crore

Get more latest business news updates

Scroll to Top