India’s Housing Sales Surge 48 Per Cent In Top Cities, Mumbai Metropolitan Region Accounts For One-Third Of Total Sales In FY23

Real estate consultant Anarock has reported that sales of housing across seven major cities increased by 48 per cent year-on-year to reach Rs 3.47 lakh crore during the last fiscal year, due to higher volumes and better price realisation.

The report also highlights that all seven cities recorded growth between 24 per cent and 77 per cent in the total value of housing sold.

In terms of value, the sales of residential properties across India increased to Rs 3,46,960 crore in the last fiscal year from Rs 2,34,850 crore in the previous year.  

In volume terms, sales grew 36 per cent to 3,79,095 units in 2022-23 from 2,77,783 units in the previous year. The data pertains to the transactions of primary (fresh sale) housing market, reports Money Control.  

Based on the analysis, the Mumbai Metropolitan Region (MMR) had the highest proportion of apartment sales and value among the top seven cities in India during the financial year 2022-23.

MMR accounted for 30 per cent of the total residential realty sales. Sales in the region increased by 46 per cent to reach Rs 1,67,210 crore from Rs 1,14,190 crore in the previous year.

In addition to the MMR, several other top cities in India saw significant growth in housing sales during the last financial year.

In Delhi-NCR, housing sales increased by 42 per cent to reach Rs 50,620 crore, up from Rs 35,610 crore the previous year.

In Bengaluru, sales grew by 49 per cent to Rs 38,870 crore from Rs 26,100 crore, while in Pune, housing sales rose by 77 per cent to Rs 33,730 crore from Rs 19,100 crore.

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

Chennai saw a growth of 24 per cent in sales, reaching Rs 11,050 crore from Rs 8,940 crore, while in Kolkata, sales increased by 38 per cent to Rs 10,660 crore during the last fiscal year from Rs 7,720 crore in the previous financial year.

Anuj Puri, Chairman of Anarock Group, has expressed his belief that the residential real estate segment in India is exhibiting remarkable forward momentum and achieving unprecedented benchmarks.

Meanwhile, Pradeep Aggarwal, Chairman of affordable housing provider Signature Global, stated that millennials are actively investing in real estate, which is contributing to the overall increase in property sales.