Amid biting inflation and high bank loan rates, homes worth Rs 1,55,833 crore were sold in the top seven cities in the first half of FY23, an increase of 119 percent since last year. About, Rs 71,295 crore worth of units were sold during the corresponding period of FY22, according to a report by Anarock.
Mumbai Metropolitan Region (MMR) topped the list followed by NCR and Bengaluru for total housing sales.
Between April and September 2022, around 1,73,155 homes were sold across the top seven cities as against 87,375 units sold in the same period last year --- almost a 98 percent increase.
Chairman of ANAROCK Group, Anuj Puri said, "MMR topped the list with housing sales worth Rs 74,835 crore in the first half of 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 INR 35,610 Cr in H1 FY22), NCR saw a whopping 174 percent jump."
Hyderabad saw a 130 percent jump in overall housing sales values in this period – from Rs 6,926 crore in the first half of FY22 to Rs 15,958 crore in the same period of FY23. Around. 22,840 homes were sold in Hyderabad in the first half of FY23.
In Bengaluru, homes worth Rs 17,651 crore were sold in the first half of FY23, against Rs 8,218 crore in the two-quarters of FY22 - an annual increase of 115 percent. Pune sold about 26,580 homes worth Rs 13,532 crore in the first half of 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 percent and 57 percent annually.
“The numbers show that Diwali came early for developers, with homes worth Rs 1.56 lakh crore sold across the top seven cities in H1 FY23,” Puri noted.
Amid the ongoing festive season, developers offered a variety of freebies like free parking spaces, electric bikes, and other programmes to lessen the cost burden on homebuyers to offset the rise in acquisition costs brought on by the Reserve Bank of India's recent interest rate hikes and spiralling commodity prices.
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