Close this search box.


City Wise Residential Sales

'Housing demand at 6-year high in Q3 2023 across top 8 cities'

Affordable housing shows weakness; B’luru only grew 1%
The residential real estate segment registered its best quarter in six years in terms of sales volume for the three-month period ended September 2023 at 82,612 units, as per a report by property consultancy Knight Frank India on Wednesday.

Amongst the eight top markets under review, Kolkata saw a staggering 105% jump in annual sales during the quarter. Bengaluru on the other hand featured at the bottom of the chart with a meagre 1% growth.

The mid-premium and luxury housing segments saw a further rise in sales momentum during the quarter, with a 36% and 35% share, respectively. In contrast, the affordable housing bracket saw its share reduce to 29%, from 36% in Q3 2022, owing to surging prices, increasing home loan rates and the lingering effects of the Covid-19 pandemic.

“The affordable segment has been severely affected, necessitating further interventions to stimulate demand and enhance development viability,” said Knight Frank India Chairman and Managing director, Shishir Baijal, adding that the decline is worrisome as traditionally it has been the largest buying segment, crucial for long-term industry growth.

The report suggested greater interest subsidies, lower down payments and longer loan tenures as remedies to battle the visible stress in the segment.

New launches during the quarter witnessed a 23% annual increase at 85,549 units, leading to a corresponding increase in unsold inventory. This however does not stand out as a cause of concern as the ‘quarter to sale’ period fell to 6.5 versus 7.1 in Q3 2022.

Furthermore, the weighted average prices appreciated in all the eight markets, in tandem with year-on-year demand growth, the report highlighted.

The commercial segment recorded office space transactions to the tune of 16.1 million square feet during the July-September quarter, reflecting a 17% year-on-year growth.

Global capability centres led the demand on this front with a 44% share, followed by India facing businesses (37%), flex spaces (11%) and third party IT services (8%).

“GCCs are increasingly drawn to India due to its cost-effective labour force and robust infrastructure, with cities like Bengaluru, Hyderabad and Chennai offering improved transportation and business parks,” reasoned Thirumal Govidraj, who is a senior managing director at RMZ Corp, adding that India’s abundant talent pool, especially in IT, engineering and finance, perfectly aligns with the needs of GCCs.

Supply of office space during the period under review stood at 11.5 million square feet, with Hyderabad accounting for 46% of this delivery.


Source : Deccan Herald



By accessing or using this website, you are agreeing to the disclaimer in its entirety, without any exceptions or limitations. Saritha Developers reserves the right to modify, alter, revoke, terminate, add or remove any of the terms and conditions specified in the website without prior notice. Any changes made to the terms and conditions will be binding on the user, and Saritha Developers shall not be obligated to inform the user of such changes. The website contains computer-generated images or renderings that are merely the artist’s impression and do not necessarily represent the actual design. The information presented in the website is intended as general information and does not constitute a legal offer or contract. It is possible that the website may contain inaccuracies or errors, including but not limited to inaccuracies in the description of flat size, site plan, floor plan, rendering, photo, elevation, price, taxes, adjacent properties, amenities, design guidelines, features, zoning, buyer incentives, etc. Additionally, the actual design and construction may differ in terms of fit and finish from the information and material presented in the website. Therefore, users must independently verify all information and specifications, including but not limited to the area, amenities, specifications, services, terms of sales, payments, and other relevant terms with our sales/marketing team before making any purchasing decisions. Saritha Developers, their promoters, partners/directors, employees, and agents shall not be liable for any damages, losses, or causes of action arising from the use of this website or the information contained within it, whether direct, indirect, consequential, or incidental. While Saritha Developers takes great care to ensure that the information in the website is accurate, up-to-date, and correct, users are advised to seek clarification and assistance from the Saritha’s team and conduct their independent inquiry before relying on the information presented in the website.