Despite increased interest rates and basic property cost, the top 7 cities saw homes worth Rs 1,55,833 crore sold in the first half of FY23, rising yearly by 119%. The overall value of units sold in the corresponding period of FY22 was approx Rs 71,295 cr, according to a report by ANAROCK.
Between April and September 2022, close to 1,73,155 homes were sold across the top 7 cities; approx. 87,375 units were sold in the same period a year ago.
Commenting on the same, Anuj Puri, Chairman, ANAROCK Group, said, “In value terms, MMR topped the list with housing sales worth Rs 74,835 cr in H1 FY23, followed by NCR with sales of Rs 24,374 cr. While MMR saw a yearly gain of 110% in overall housing sales value (it was Rs 35,610 cr in H1 FY22), NCR saw a whopping 174% jump.”
“In H1 FY22, NCR saw total housing sales worth INR 8,896 Cr,” said Puri. “Approx. 52,185 homes were sold in MMR in the April-September period in the ongoing fiscal, while NCR witnessed sales of approx. 30,300 units in the same period. MMR dominated housing sales both in volume and value terms, followed by NCR and Pune.”
Interestingly, Hyderabad saw a 130% jump in overall housing sales values in this period – from Rs 6,926 cr in H1 FY22 to Rs 15,958 cr in H1 FY23. Approx. 22,840 homes were sold in Hyderabad in the first half of FY23.
In Bengaluru, homes cumulatively worth Rs 17,651 cr were sold in H1 FY23, against Rs 8,218 cr in the two quarters of FY22 – an annual increase of 115%. Pune sold approx 26,580 homes worth Rs 13,532 cr in H1 FY23.
Kolkata and Chennai saw homes worth Rs 4,774 cr and Rs 4,709 cr sold, respectively, in the first two quarters of the ongoing fiscal, rising by 115% and 57% annually.
“The data vouchsafes that the first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allying fears that housing sales could be impacted by rising property prices and interest rates,” said Puri. “The numbers show that Diwali came early for developers, with homes worth Rs 1.56 lakh crore sold across the top 7 cities in H1 FY23.”