Mumbai Witness Stunning Real Estate Growth: Rs 74,000 Crore Of Houses, Offices Bought In 6 Months!

Despite the notion of dissuasion in home buyers post the increase in interest rates and basic property cost, the value of units sold are stark and intriguing. 

Mumbai Witness Stunning Real Estate Growth: Rs 74,000 Crore Of Houses, Offices Bought In 6 Months!

As per the data, the top 7 cities saw homes worth Rs 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 about Rs 71,295 Cr.

As per the report by ANAROCK, approximately 1,73,155 homes were sold across the top 7 cities in the period between April and September 2022. The number has skyrocketed from the previous 87,375 units a year ago.

Anuj Puri, Chairman of ANAROCK Group, said that “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.”

MMR leads, NCR and Pune follows

As per the Chairman, about 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. He said that “In H1 FY22, NCR saw total housing sales worth Rs 8,896 Cr”.

From Rs 6,926 Cr in H1 FY22 to Rs 15,958 Cr in H1 FY23, Hyderabad has seen a notable 130% jump in overall housing sales values in this period. In the first half of FY23, as many as 22,840 homes were sold.

In H1 FY23, homes cumulatively worth Rs 17,651 Cr were sold in Bengaluru. This is an annual increase of 115% against Rs 8,218 Cr in the two quarters of FY22. 

Pune sold about 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.

Mr. Puri said that ‘’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. 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.” 

Notable DataPoints

  • About 1,73,155 homes were sold across the top 7 cities in the first two quarters of FY23, against 87,375 in the corresponding FY22 period 
  • Rs 71,295 Cr total estimated value of homes sold last year in H1 FY22
  • Overall sales value in H1 FY23 was highest in MMR at Rs 74,835 Cr, followed by NCR at Rs 24,374 Cr & Bengaluru at Rs 17,651 Cr
  • Among top 7 cities, NCR saw highest yearly total sales value growth of 175% – from Rs 8,896 Cr in H1 FY22 to over Rs 24,374 Cr in H1 FY23
  • In Hyderabad, housing sales value rose by 130% – from Rs 6,926 Cr in H1 FY22 to Rs 15,958 Cr in H1 FY23

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