Homes Worth Rs1.56 Lakh Crore Sold in Top 7 Cities in H1FY22-23, Yearly Gain of 119%: Report
Moneylife Digital Team 09 November 2022
Despite increased interest rates and basic property costs, the top seven cities saw homes worth Rs1,55,833 crore sold in the first half of FY22-23 (H1FY22-23), rising yearly by 119% from about Rs71,295 crore the same period a year ago.
According to a report from Anarock Property Consultants Pvt Ltd, between April and September 2022, about 173,155 homes were sold across the top seven cities compared with around 87,375 units sold H1FY21-22.
In value terms, Mumbai Metropolitan Region (MMR) topped the list with housing sales worth Rs74,835 crore in H1FY22-23, followed by the National Capital Region (NCR) with sales of Rs24,374 crore. While MMR saw a yearly gain of 110% in overall housing sales value against Rs35,610 crore in H1FY21-22, NCR saw a whopping 174% jump.
"In H1 FY21-22, NCR saw total housing sales worth Rs8,896 crore," says Anuj Puri, chairman of Anarock group, adding, "About 52,185 homes were sold in MMR in the April-September period in the ongoing fiscal, while NCR witnessed sales of around 30,300 units in the same period. MMR dominated housing sales both in volume and value terms, followed by NCR and Pune."
Interestingly, Anarock says, Hyderabad saw a 130% jump in overall housing sales values in this period—to Rs15,958 crore in H1FY22-23 from Rs6,926 crore in H1FY21-22. During the first half of FY22-23, nearly 22,840 homes were sold in Hyderabad. 
In Bengaluru, homes cumulatively worth Rs17,651 crore were sold in H1FY22-23, against Rs8,218 crore in the two quarters of FY21-22 - an annual increase of 115%. Pune sold about 26,580 homes worth Rs13,532 crore in H1FY22-23.
According to the report, Kolkata and Chennai saw homes worth Rs4,774 crore and Rs4,709 crore sold, respectively, duing the first two quarters of the ongoing fiscal, rising by 115% and 57% annually.
"The data vouchsafes that the first half of FY22-23 was a highly upbeat period for the residential market in the top seven cities, allaying 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 Rs1.56 lakh crore sold across the top seven cities in H1FY22-23." Mr Puri added.
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