Some 1,73,155 homes were sold across the top seven Indian cities in the first half of FY23, against 87,375 units in the same period of FY22, says a report.
Despite high-interest rates and property costs, the top seven Indian cities, such as Mumbai, Delhi-NCR, Pune, and Hyderabad, saw home sales worth Rs 1,55,833 crore, up by 119 per cent yearly, in the first half of FY23 , property consultant Anarock said in a report.
The overall value of units sold in the same period of FY22 was around Rs 71,295 crore.
The report further noted that between April and September 2022, some 1,73,155 homes were sold across the top cities compared to 87,375 units in the same period a year ago.
Anuj Puri, chairman of Anarock Group, says, "In value terms, MMR (Mumbai Metropolitan Region) topped the list with sales worth Rs 74,835 crore in H1 FY23, followed by NCR (National Capital Region) with Rs 24,374 crore. While MMR saw a yearly gain of 110% in overall housing sales (it was Rs 35,610 crore in H1 FY22), NCR saw a whopping 174% jump."
Puri said Delhi-NCR saw total housing sales of Rs 8,896 crore in H1 FY22 . "Approximately 52,185 homes were sold in MMR in the April-September period in the ongoing fiscal, while NCR witnessed sales of approximately 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 per cent jump in overall house sales value—from Rs 6,926 crore in H1 FY22 to Rs 15,958 crore in H1 FY23. Around 22,840 homes were sold in Hyderabad in the first half of FY23.
"In Bengaluru, homes cumulatively worth Rs 17,651 crore were sold in H1 FY23, against Rs 8,218 crore in the two-quarters of FY22—an annual increase of 115 per cent. Pune sold approximately 26,580 homes worth Rs 13,532 crore in H1 FY23," said the report.
Kolkata and Chennai saw home sales worth Rs 4,774 crore and Rs 4,709 crore, respectively, in the first two quarters of the current fiscal, rising by 115 per cent and 57 per cent annually.
The data shows the first half of FY23 was a “highly upbeat period” for the residential market in the top cities, “allying fears that housing sales could be impacted by rising property prices and interest rates”. “Diwali came early for developers, with homes worth Rs 1.56 lakh crore sold across the top seven cities in H1 FY23,” said Puri