Housing prices across the top eight cities in India increased .8 per cent y-o-y amidst strong housing demand and consistent quality launches by top developers. This was revealed by Housing Price-Tracker Report Q1 2023, jointly commissioned by CREDAI-Colliers-Liases Foras.
Delhi-NCR saw the highest increase in residential prices at 16 per cent y-oy, followed by Kolkata and Bengaluru with 15 per cent and 14 per cent y-o-y increase, respectively. Despite rising interest rates, housing prices have been on the rise, led by consistent demand seen since last year. As the interest rates are now expected to have peaked, a pause in the rising repo rate paired with healthy domestic economic outlook will keep the market sentiment upbeat, says the report.
"Owing to an ecosystem conducive to buying, the homebuyers' sentiments have been quite positive for the past few quarters," affirms Boman Irani, president, CREDAI. "This is also validated by the sheer volume of sales that we have been witnessing in the recent past, especially in Tier I cities across India. Despite the rise in housing prices, which is primarily owing to rising raw material costs and this consistent demand, we expect the strong momentum to continue as consumers&nbsp;have shown a clear appetite to buy new, bigger houses with better amenities -- especially in the post pandemic era. There is also a greater thrust on 'green development' projects, with homebuyers inclined towards sustainable houses that are beneficial not just to the environment but also financially, in the long term".
New launches The top eight cities have continued to witness a rise in new launches, as developers planned to tap the rising demand, owing to which the overall unsold inventory rose 12 per cent y-o-y. With a spurt in new launches, about 95 per cent of the unsold units in the top cities were under construction.&nbsp;Hyderabad saw the highest jump in unsold inventory levels, at 38 per cent y-o-y. At the same time Delhi NCR, Bengaluru and Chennai saw a dip in unsold inventory, on the back of significant rise in sales. MMR continued to account for the maximum share in unsold inventory at 37 per cent, followed by Pune at 13 per cent.
"The residential real estate in India has bounced back post the pandemic and continues its strong momentum since the last year," informs Peush Jain, managing director, occupier services, Colliers India. "Aided by increased preference for home&nbsp;ownership, relative affordability, quality supply, the sector has remained resilient, offsetting the challenges posed by higher interest rates amidst global headwinds. Given the positive market fundamentals, both end-users and investors can find their sweet spot in this sturdy market. Amidst this upswing, housing prices in India witnessed an 8 per cent y-o-y rise during the first quarter of 2023".
Meanwhile, size continues to matter for Indian homebuyer, even after relative market normalcy has been restored post the Covid-19 pandemic.&nbsp;The latest Anarock data indicates that average flat sizes in fresh supply hitting the top seven cities grew 7 per cent in the last five years -- from about 1,150 sq ft in 2018 to, say, 1,225 sq ft in Q1 2022-23. In 2022, the average flat size in these cities stood at 1,185 sq ft, as against 1,170 sq ft in 2021.
"MMR is the only city where average flat sizes have reduced in the last five years from 932 sq ft in 2018 to 743 sq ft in Q1 2022-23. In these five years, only the year 2020 saw average flat sizes in MMR see an annual rise of 21 per cent against 2019. Since 2020, homes in the region have been shrinking," says Anuj Puri, chairman, Anarock group.
Among the top seven cities, NCR saw the highest growth in average flat size in the last five years -- from about 1,250 sq ft in 2018 to about 1,700 sq ft in Q1 2022-23. Developers in NCR are closely tracking demand and launching bigger homes in this region. Hyderabad has the highest average flat size at about 2,200 sq ft in Q1 2022-23, followed by NCR with about 1,700 sq ft. In Chennai and Bengaluru, the average flat sizes stand at about 1,175 sq ft and 1,300 sq ft, respectively, while In Pune, the average flat size clocks in at about 1,013 sq ft.
"Before Covid-19, apartment sizes were shrinking annually to meet the demand for compact homes prevalent then," explains Puri. "The central concerns were affordability and millennials' preference for low-maintenance homes. The year 2020 saw an abrupt reversal of buyer preferences. With a sudden emphasis on the WFH and study-from-home culture, flat sizes began increasing for the first time in four years".

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