Despite rising interest rates and basic property costs, the top seven cities sold homes worth Rs 1,55,833 crore in the first half of FY23, a rise of 119 percent year on year (YoY). In the equivalent period of FY22, the total value of units sold was approximately Rs 71,295 crore.
Between April and September 2022, approximately 1,73,155 homes were sold across the top seven cities; roughly 87,375 units were sold during the same period the previous year.
According to Anuj Puri, Chairman of the ANAROCK Group, "In value terms, MMR topped the list with housing sales worth INR 74,835 crore in H1 FY23, followed by NCR with sales of Rs 24,374 crore. While MMR saw a yearly gain of 110 percent in overall housing sales value (it was Rs 35,610 crore in H1 FY22), NCR saw a whopping 174 percent jump."
Puri said the NCR saw total housing sales worth Rs 8,896 crore in the first half of 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, overall housing sales values in Hyderabad surged 130 percent over this period, increasing from Rs 6,926 crore in H1 FY22 to Rs 15,958 crore in H1 FY23. Approximately 22,840 homes were sold in Hyderabad in the first half of FY23.
In Bengaluru, properties worth Rs 17,651 crore were sold in H1 FY23, compared to Rs 8,218 crore in the two quarters of FY22 — a 115 percent rise year on year. In the first half of FY23, Pune sold around 26,580 properties worth Rs 13,532 crore.
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In the first two quarters of the current fiscal, residences worth Rs 4,774 crore and Rs 4,709 crore were sold in Kolkata and Chennai, respectively, up 115 percent and 57 percent YoY.
“The data vouchsafes that the first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allaying 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.”
