Housing sales in FY23 up 48 pc to Rs 3.47 lakh crore driven by higher volumes & prices: Anarock

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Home sales rose 48 per cent year-on-year to Rs. 3.47 lakh crore over the last financial year across seven major cities with higher volumes and better price realization, according to Anarock.

Real estate consultant Anarock reports that residential property sales by value increased to Rs 3,46,960 crore in the last financial year from Rs 2,34,850 crore in 2021-22.

In terms of volume, sales grew 36 percent to 3,79,095 units in 2022-23 from 2,77,783 units a year earlier.

The data relates to transactions in the primary housing market (new sale).

“India’s residential real estate sector continues to show boundless forward momentum, setting unprecedented benchmarks,” said Anuj Puri, Chairman, Anarock Group.

According to the data, housing sales in Delhi-NCR increased by 42 per cent to Rs. 50,620 crore in the last financial year from Rs. 35,610 crore in the previous year.

In Mumbai Metropolitan Region (MMR), sales grew by 46% to Rs 1,67,210 crore from Rs 1,14,190 crore.

Home sales in Bengaluru increased by 49% to Rs 38,870 crore from Rs 26,100 crore.

In Pune, home sales increased by 77 per cent to Rs 33,730 crore from Rs 19,100 crore.

Sales in Hyderabad increased by 50 per cent to Rs. 34,820 crore from Rs. 23,190 crore.

Chennai saw a 24 per cent growth in sales to Rs 11,050 crore from Rs 8,940 crore.

Home sales in Kolkata increased by 38 per cent to Rs. 10,660 crore in the latest financial year from Rs. 7,720 crore in the previous financial year.

Commenting on the trend, Gurugram-based luxury real estate firm Krisumi Corporation MD Mohit Jain said the housing sector has undergone a transformation in recent years, becoming more mature and fundamentally strong.

“While there is huge demand from end users, investors are also returning to the market,” Jin said.

Signature Global Chairman Pradeep Agarwal said that millennials are now actively investing in real estate, which contributes to the overall increase in property sales.

(Only the title and image for this report may have been reworked by the Business Standard team; the rest of the content is generated automatically from a shared feed.)