Quarterly residential sales reach 15-year high, signalling a strong market

62,000 units sold with sales up 15% compared to Q4 2022

Capital flows

Location strategy

Living and multifamily

Business and professional services

Authors

Anil Grover

Head - Marketing, India

Sales by price range	Q1 2022 Sales (in units)	Q1 2022 Sales (in %)	Q4 2022 Sales (in units)	Q4 2022 Sales (in %)	Q1 2023 Sales (in units)	Q1 2023 Sales (in %)	% Increase (Q1 2023 over Q1 2022)
Less than 50 lac	11,496	22%	9,993	18%	10,962	18%	-5%
50 lac to 0.75 lac	14,589	28%	14,298	26%	15,224	25%	4%
75 lac to 1 cr	9,358	18%	9,199	17%	10,644	17%	14%
1 cr to 1.5 cr	7,120	14%	9,547	18%	11,592	19%	63%
Above 1.5 cr	9,262	18%	11,025	20%	13,618	22%	47%
Total	51,825	100%	54,062	100%	62,040	100%	20%

_{Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. Data includes only apartments. Rowhouses, villas, and plotted developments are excluded from this analysis.
Source: Real Estate Intelligence Service (REIS), JLL Research}

Sales by city	Q1 2022	Q4 2022	Q1 2023	Q1 2023 (% share)	q-o-q Growth (%)	y-o-y Growth (%)
Bengaluru	12,202	11,203	13,029	21.00%	16.30%	6.80%
Mumbai	11,648	11,479	12,988	20.90%	13.10%	11.50%
Pune	8,098	9,848	12,038	19.40%	22.20%	48.70%
Delhi NCR	8,633	8,987	10,139	16.30%	12.80%	17.40%
Hyderabad	4,012	7,824	8,123	13.10%	3.80%	102.50%
Kolkata	3,806	2,499	3,160	5.10%	26.50%	-17.00%
Chennai	3,426	2,222	2,563	4.10%	15.30%	-25.20%
India	51,825	54,062	62,040	100%	14.80%	19.70%

_{Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. Data includes only apartments. Rowhouses, villas, and plotted developments are excluded from our analysis.
Source: Real Estate Intelligence Service (REIS), JLL Research.}

No of new launches by city	Q1 2022	Q4 2022	Q1 2023	Q1 2023 (% share)	q-o-q Growth (%)	y-o-y Growth (%)
Mumbai	16,289	16,454	16,867	22.50%	2.50%	3.50%
Pune	9,380	14,076	16,340	21.80%	16.10%	74.20%
Hyderabad	12,648	12,139	13,844	18.50%	14.00%	9.50%
Bengaluru	13,795	10,391	11,745	15.70%	13.00%	-14.90%
Delhi NCR	2,576	3,986	9,152	12.20%	129.60%	255.30%
Kolkata	3,216	3,581	3,737	5.00%	4.40%	16.20%
Chennai	2,403	2,334	3,310	4.40%	41.80%	37.70%
India	60,307	62,961	74,995	100.00%	19.10%	24.40%

_{Mumbai includes Mumbai city, Mumbai suburbs, Thane city, and Navi Mumbai. Data includes only apartments. Rowhouses, villas, and plotted developments are excluded from this analysis.
Source: Real Estate Intelligence Service (REIS), JLL Research.}

Quarterly residential sales reach 15-year high, signalling a strong market

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