Early Diwali for developers: Homes worth ₹1.5 lakh cr sold in top 7 cities in H1FY23

• Between April and September 2022, around 1,73,155 homes were sold across the top seven cities.
  
• Mumbai Metropolitan Region (MMR) topped the list of housing sales, followed by Delhi NCR and Pune.
  
• Bengaluru, Kolkata and Chennai also witnessed more than 100% rise in the housing sales.

The real estate market, which is making a gradual recovery from Covid lockdowns, skyrocketed by 119% year-on-year in terms of sales. According to an Anarock report, the top seven cities saw homes worth ₹1,55,833 crore sold in the first half of FY23 as compared to ₹71,295 crore in corresponding period in FY22.

This was in spite of rising inflation, hiked interest rates and an economic slowdown.

Between April and September 2022, around 1,73,155 homes were sold across the top seven cities, whereas, 87,375 units were sold in the same period a year ago.

According to Anuj Puri, chairman at Anarock Group, Mumbai Metropolitan Region (MMR) topped the list of housing sales with ₹74,835 crore in H1 FY23 and saw a yearly gain of 110% in overall housing sales value.

“The numbers show that Diwali came early for developers,” added Puri.

A similar trend was observed in Delhi NCR region, it saw a whopping jump of 174% with total housing sales worth ₹8,896 crore.

"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,” said Puri.

Source: Anarock report

Hyderabad saw a 130% jump in overall housing sales values in this period – from ₹6,926 crore in the first half of FY22 to ₹15,958 crore in the first half of FY23.

Bengaluru and Kolkata, both witnessed a 115% rise in housing sales in the same period, while Chennai recorded an upstick of 57% in the overall housing sales.

“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,” says Puri.

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