In the top seven cities from July to September 2023, over 1.20 lakh residential units were sold.
In July-September 2023, housing sales in the top seven cities—Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), and Pune—reached over 1,20,280 units, up from around 88,230 units in Q3 2022, a 36% increase year over year.
In terms of house sales among the top seven cities, MMR sold over 38,500 units, followed by Pune with about 22,880 units. Together, the two western cities accounted for 51% of all sales in the top seven cities in Q3 2023. According to growth, MMR experienced a 46% yearly increase in house sales, while Pune experienced a staggering 63% yearly increase.
With approximately 1,16,220 units added in the quarter compared to 93,490 units in the equivalent period of 2022, the top seven cities likewise had considerable new supply growth of 24% annually.
With a 28% share of the total new supply in Q3 2023, the mid-range segment (homes priced between Rs 40 and 80 lakh) continued to rule the budget sectors. With a 27% share apiece, the premium category (homes priced between Rs 80 lakh and Rs 1.5 crore) and luxury segment (homes costing over Rs 1.5 crore) lagged closely behind.
Despite a rise in new supply, the number of existing homes in the top seven cities fell by around 3% annually, from about 6.30 lakh units at the end of Q3 2022 to about 6.10 lakh units at the end of Q3 2023.
In comparison to Q3 2022, the average residential price across the top seven cities increased by a double-digit 11% in Q3 2023. Hyderabad experienced the highest annual average home price growth (18%), followed by Bengaluru's (14%%) increase.
Hyderabad increased its housing stock by almost 24,900 units in Q3 2023 compared to 15,530 units in Q3 2022, a 60% annual increase. The number of new launches in the city increased by 138% on a quarterly basis.
Bengaluru added over 14,840 units in the third quarter of 2023, a 7% yearly rise and a 30% quarterly increase. The mid and upper mid-segment (Rs 40 lakh - Rs 1.5 crore) accounted for over 87% of the new supply.
Approximately 3,300 new units were added in Kolkata in Q3 2023, up 34% from Q2 2023 but a 27% yearly fall. About 66% of the extra supply was in the sub-Rs 80 lakh price range.
Despite a strong new supply in the quarter, the total amount of available inventory across the top seven cities fell by 1% on a quarterly basis and was approximately 6,10,200 units at the end of the third quarter of 2023. In the third quarter of 2023, the available inventory decreased by 3% annually across the top seven cities.
Pune: In particular in locations like Hadapsar, Bopodi, Kothrud, Sangamwadi, and Pimpri Chinchwad, the district government has issued 531 notifications to people for failing to pay the transfer fee of 15%, as per the ready reckoner rate, for changing land use from industrial to residential.
The warnings were sent out in accordance with Section 20 of the 1976 Urban Land Ceiling and Regulation Act, which mandates a one-time fee for regularizing land usage on behalf of the state.
After receiving notices, the persons have the choice to either pay the fine amount or face consequences, according to district officials. CM Eknath Shinde had instructed the Pune district collector to take legal action against those who were in arrears of the payment during the previous assembly session.
"Although there were around 1,000 such instances, the majority of people paid the transfer charge. 531 people who altered the property use without paying the transfer fee have received notices, according to a district official.
According to the official, there are a lot of these infractions in the industrial area, and the MIDC has been given the names of the defaulters. 151 of the 531 notices that were issued went to landowners in the MIDC region. 68 cases have had their hearings concluded. Following the hearing, the money was deposited with the state government in six cases, the official reported.
For changes in land use, the state government previously levied a 100% transfer fee based on ready reckoner rates. After citizen protest, 50% was enacted in 2007.
In addition to making sure that the property obtained from industrial zones was used for affordable housing, the state government opted to only charge a transfer fee equal to 15% of the ready reckoner rates in 2019. After many facilities shut down, industrial land in Pune was turned into residential space.