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

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

The property market, which is gradually recovering from Covid lockdowns, shot up 119% year-over-year in terms of sales. According to an Anarock report, the seven largest cities saw homes valued at ₹1.55.833 crore sold in the first half of FY23, compared to 71,295 crore in the same period in FY22.

This is despite rising inflation, increased interest rates and an economic slowdown.

About 1,73,155 homes were sold in the seven largest cities between April and September 2022, compared to 87,375 homes sold in the same period a year ago.

According to Anarock Group chairman Anuj Puri, Mumbai Metropolitan Region (MMR) topped the list of home sales with ₹74,835 crore in H1 FY23 and saw an annual increase of 110% in the total value of home sales.

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

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

“Approximately 52,185 homes were sold in MMR during the April-September period in the current fiscal period, while NCR sold approximately 30,300 units during the same period. MMR dominated home sales, both in volume and value, followed by NCR and Pune,” it said. puri.

City Homes sold in H1 FY23 Total sales value Housing units sold in H1 FY22 Total sales value
Bengaluru 24.195 ₹17,651 12.110 ₹8.218
Chennai 7.305 ₹4.709 4.995 ₹2.995
Hyderabad 22,840 ₹15.958 9,980 ₹6,926
Pune 26,580 ₹13,532 13.490 ₹6.425
Kolkata 9,750 ₹4.774 4.740 ₹2.225
MMR 52.185 ₹74,835 28.370 ₹35,610
NCR 30,300 ₹24,374 13,690 ₹8.896

Source: Anarock Report

Hyderabad saw a 130% increase in total home sales value over 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% increase in home sales over the same period, while Chennai recorded a 57% increase in total home sales.

“The data confirms that the first half of FY23 was a very positive period for the housing market in the top 7 cities, allaying fears that housing sales could be impacted by rising property prices and interest rates,” said Puri.

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