Knight Frank Report: Indian real estate sees remarkable surge in Q3 2023 sales

A recent report by Knight Frank India, a leading real estate consultancy, reveals a noteworthy surge in demand for homes and residential flats during the third quarter of 2023 (July, August, and September). This period saw the sale of 82,612 residential units across eight major real estate markets in India, marking a 12% growth compared to the same period in the previous year.

Notably, this surge has resulted in the highest quarterly sales volumes in six years. Among the eight major markets, Kolkata showed the most remarkable growth rate at 105%, followed by NCR at 27%, Pune at 20%, and Mumbai at 4%. The mid and high-end categories of residential properties experienced substantial sales momentum during this period, with properties priced over ₹1 crore witnessing a 39% rise and the mid-segment properties with ticket sizes between ₹50 lakh and ₹1 crore registering a 14% growth. However, the affordable or low-end segment, properties priced under ₹50 lakh, experienced a 10% decline, with 24,143 units sold in this category.

The real estate market in India has demonstrated its resilience, with the third quarter of 2023 reporting a significant upswing in demand for residential properties. The surge in sales, particularly in the mid and high-end categories, has contributed to a six-year high in quarterly sales volumes. While high-end properties priced at ₹1 crore and above witnessed substantial growth, the mid-segment properties with a ticket size ranging from ₹50 lakh to ₹1 crore also exhibited a healthy uptick in sales. However, the affordable housing segment, with properties priced below ₹50 lakh, faced a decline in sales during this period. These findings indicate the dynamic nature of the Indian real estate market and its ability to adapt to changing market conditions.