Housing sales in Hyderabad jump up by 130 pc

HYDERABAD: Despite rising interest rates and basic property costs, Hyderabad experienced a 130 percent increase in overall housing sales with values during this period rising from Rs 6,926 crore in H1 Financial year-2022 to Rs 15,958 crore in H1 Financial year-2023.

According to an ANAROCK Research report, approximately 22,840 houses were sold in Hyderabad in the first half of FY23. Homes worth Rs 1,55,833 crore were sold in the top 7 cities in the country in the first half of FY23, rising yearly by 119 percent.

The overall value of units sold in the corresponding period of FY22 was approximately Rs 71,295 crore, according to the study.

Around 1,73,155 houses were sold between April and September 2022 in the top seven cities; in comparison, 87,375 units were sold at the same time last year.

Mumbai Metropolitan Region (MMR) had the highest overall sales value in H1 FY23 at Rs 74,835 crore, followed by NCR at Rs 24,374 crore and Bengaluru at Rs 17,651 crore.

In Bengaluru, homes worth Rs 17,651 crore were sold in the first half of FY23, compared to Rs 8,218 crore in the first two quarters of FY22, representing a 115 percent increase year on year. Pune sold approximately 26,580 homes worth Rs 13,532 crore in H1 FY23.

In the first two quarters of the current fiscal year, homes worth Rs 4,774 crore and Rs 4,709 crore, were sold in Kolkata and Chennai, with sales increasing by 115 percent and 57 percent, respectively.

According to Anuj Puri, Chairman of the ANAROCK Group, "In terms of value, MMR topped the list with housing sales worth Rs 74,835 crore in the first half of FY23, followed by NCR with sales worth Rs 24,374 crore. While MMR saw a 110 percent increase in overall housing sales value Rs 35,610 Crore in H1 FY22, NCR saw a whopping 174 percent increase."

"The NCR saw total housing sales worth Rs 8,896 Crore in H1 FY22. Approximately 52,185 homes were sold in MMR during the April-September period of the current fiscal, while NCR saw sales of approximately 30,300 units during the same period; MMR dominated housing sales both in volume and value terms, followed by NCR and Pune, " says Puri.

"The data confirms that the first half of FY23 was a highly upbeat period for the residential market in the top seven cities, allaying concerns that rising property prices and interest rates would have an impact on housing sales. The figures show that Diwali came early for developers, with homes worth Rs 1.56 lakh crore sold across the top seven cities in H1 FY23," said Puri.