India Residential Market Update: Q2 2023 (JLL) 24 August 2023
In recent years, the residential market has consistently embarked on a new chapter of growth, driven by buoyant consumer sentiment, robust property launches, competitive pricing, and a conducive interest rate regime. The strength of the residential market is evident from the robust sales volume recorded in the first half of 2023, with more than 62,000 units sold in each of the two quarters.
Notably, Q2 2023 saw sales of over 64,500 units, representing a 4% quarter-on-quarter growth. Interestingly, residential sales have consistently reached new peaks in each successive quarter over the past year. Aligning with this trend, Q2 2023 surpassed the previous historic high achieved in Q1 2023, making it the highest quarterly sales since 2008.
Key trends in residential market in Q1 2023 and H1 2023:
- Backed by quality launches, quarterly sales set new benchmarks
- Residential sales surge to a 15-year high in H1 2023
- Sales of the premium segment apartments showed an upward trend
- New launches remain buoyant in Q2 2023 and H1 2023
- Bengaluru, Mumbai, and Pune constituted 62% of the quarterly sales
- Robust demand leads to rise in capital values across the top 7 cities in India
