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Residential Outlook : Homes Worth Rs 1.56 Lakh Cr Sold in Top 7 Cities in H1 FY23

Approximately 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 crore 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 crore, followed by NCR at Rs 24,374 crore and Bengaluru at Rs 17,651 crore
Among the top 7 cities, NCR saw highest yearly total sales value growth of 175% – from Rs 8,896 crore in H1 FY22 to over Rs 24,374 crore in H1 FY23
In Hyderabad, housing sales value rose by 130% – from Rs 6,926 crore in H1 FY22 to Rs 15,958 crore in H1 FY23

Our residential outlook shows that despite increased interest rates and basic property cost, the top 7 cities saw residential sales worth Rs 1,55,833 crore in the first half of FY23, rising yearly by 119%. The overall value of units sold in the corresponding period of FY22 was approximately Rs 71,295 crore.

Between April and September 2022, approximately 1,73,155 homes were sold across the top 7 cities; approximately 87,375 units were sold in the same period a year ago.

In value terms, MMR topped the list with housing sales worth Rs 74,835 crore in H1 FY23, followed by NCR with sales of Rs 24,374 crore. While MMR saw a yearly gain of 110% in overall housing sales value (it was Rs 35,610 crore in H1 FY22), NCR saw a whopping 174% jump.

In H1 FY22, NCR saw total housing sales worth Rs 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 approx. 30,300 units in the same period. MMR dominated housing sales both in volume and value terms, followed by NCR and Pune.

Source: ANAROCK Research

Interestingly, Hyderabad saw a 130% jump in overall housing sales values in this period – 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, 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%. Pune sold approximately 26,580 homes worth Rs 13,532 crore in H1 FY23.

Kolkata and Chennai saw homes worth Rs 4,774 crore and Rs 4,709 crore sold respectively in the first two quarters of the ongoing fiscal, rising by 115% and 57% annually.

CityHousing Units Sold in H1 FY23Total Sales Value (Rs cr)Housing Units Sold in H1 FY22Total Sales Value (Rs cr)
Bengaluru24,19517,65112,1108,218
Chennai7,3054,7094,9952,995
Hyderabad22,84015,9589,9806,926
Pune26,58013,53213,4906,425
Kolkata9,7504,7744,7402,225
MMR52,18574,83528,37035,610
NCR30,30024,37413,6908,896
Total1,73,1551,55,83387,37571,295
Source: ANAROCK Research

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.

Anuj Puri
Anuj Purihttps://anarock.com
Anuj Puri is a graduate of Shriram College of Commerce, New Delhi and a Fellow of the Royal Institution of Chartered Surveyors, UK. He serves on multiple public and private company boards and is affiliated to numerous organisations including FICCI, MCHI-CREDAI and YPO. He is group chairman at ANAROCK Property Consultants Pvt Ltd.
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