Guest Blog: Homes Worth Rs 1.56 Lakh Cr. Sold In Top 7 Cities In H1 FY23
Despite increased interest rates and basic property costs, the top 7 cities saw homes worth INR 1,55,833 Cr 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. INR 71,295 Cr.
Between April and September 2022, approx. 1,73,155 homes were sold across the top 7 cities; approx. 87,375 units were sold in the same period a year ago.
Anuj Puri, Chairman – ANAROCK Group, said, “In value terms, MMR topped the list with housing sales worth INR 74,835 Cr in H1 FY23, followed by NCR with sales of INR 24,374 Cr. While MMR saw a yearly gain of 110% in overall housing sales value (it was INR 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,” says 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 INR 6,926 Cr in H1 FY22 to INR 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 INR 17,651 Cr were sold in H1 FY23, against INR 8,218 Cr in the two-quarters of FY22 – an annual increase of 115%. Pune sold approx. 26,580 homes worth INR 13,532 Cr in H1 FY23.
Kolkata and Chennai saw homes worth INR 4,774 Cr and INR 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,” says Puri. “The numbers show that Diwali came early for developers, with homes worth INR 1.56 lakh Crore sold across the top 7 cities in H1 FY23.”
About the author- Anuj Puri, Chairman – ANAROCK Group