Anarock Property Consultants says the housing market in the top seven cities is likely to attain a new peak by 2023, when housing sales are estimated to cross 3.17 lakh units and new launches by 2.62 lakh units during the year.
City-wise, MMR and Bengaluru are all set to lead from the front with maximum housing sales and new launches in 2023. Of the total estimated housing sales and new launches in 2023.
Mumbai is likely to comprise a 28 per cent share of total sales and nearly 30 per cent of new launches. Bengaluru’s share will be 20 per cent and 17 per cent, respectively while Delhi-NCR may comprise an 18 per cent share of sales and 15 per cent of new launches, as per estimates.
“The residential sector was showing healthy year-on-year growth since 2017 until the latest peak year of 2019, but this trajectory was derailed by the COVID-19 pandemic. Otherwise, 2020 was expected to be a watershed year for the housing sector,” Anuj Puri, Chairman – Anarock Property Consultants.
“While the second half of the year did showcase the remarkable resilience of Indian residential real estate, a new bottom for the sector was created in 2020 with housing sales plunging to nearly 1.38 lakh units while new launches dropped to 1.28 lakh units. 2020 is not a year that the industry is likely to forget very soon.”
2021 is expected to fare better than 2020, but it is unlikely to reach the levels of 2019 – the most recent peak year, said analysts. With the vaccination drive gaining significant momentum and the spread of COVID-19 under better control for now, 2023 will very likely emerge as the new peak year that breaches 2019 levels with supply that year growing by 11% and sales by 22% over 2019, Puri added.
Many Dalal Street analysts are bullish on the sector given the low interest rate situation has led to rise in sales of apartments and condos across major cities in India. This has also snapped the multi-year lull in the sector.
They believe the trend will continue. Sanjiv Bhasin of IIFL Securities said real estate is going to go through the roof and he is very bullish on
and DLF. has also hooked many analysts, as it has recorded massive growth in recent months.