1.14 lakh units sold across the top 7 cities in Q1 2023
The demand for newly launched units is gaining increasing acceptance
Latest Anarock research data shows that out of approx. 1.14 lakh homes sold in Q1 2023 in the top seven cities, over 41 per cent were in newly launched projects. Notably, the sales share of newly launched homes was much lower in corresponding period of 2019, when just 26 per cent of approx. 78,520 sold homes were in new projects. In Q1 2022, of approx. 99,550 units sold in the top seven cities, 36 per cent were launched during the same quarter.
Among the top 7 cities, Hyderabad accounted for the highest sales share of new units. Of approx. 14,280 units sold there in Q1 2023, approx. 46 per cent were launched in the same period. NCR saw the lowest absorption of newly launched homes, of 17,160 units sold in Q1 2023, just 30 per cent were launched during the quarter. The remaining units sold were in projects launched before Q1 2023. However, NCR has seen remarkable change in the given period.
City-wise Absorption Trends
At 30 per cent, NCR saw the lowest sales share of newly launched units in Q1 2023. Another city with comparatively low fresh supply absorption share is Kolkata at 32 per cent. Interestingly, MMR, which saw the second lowest absorption of newly launched units in Q1 2019 with a 24 per cent share, saw its sales share of new units jump to 40 per cent in Q1 2023.
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Q1 2023
Q1 2019
City
Total Units Sold
% Share of New Launch Absorption
Total Units Sold
% Share of New Launch Absorption
NCR
17,160
30%
13,740
21%
MMR
34,690
40%
24,010
24%
Bangalore
15,660
43%
15,580
28%
Pune
19,920
45%
12,340
35%
Hyderabad
14,280
46%
5,400
28%
Chennai
5,880
41%
3,430
29%
Kolkata
6,190
38%
4,020
24%
Total
1,13,780
41%
78,520
26%
Source: Anarock Research
