Avg price of new launch projects in top 10 cities surges by 88%
A recent report by the real estate data analytics firm PropEquity said the average price of new launch projects in India’s top 10 cities have surged 88 per cent in the past five years.
Residential housing units sold in the top seven cities recorded substantial growth during the first half of the current financial year.
Cities, including Mumbai metropolitan region (MMR), NCR, Bengaluru, Chennai, Hyderabad, Kolkata, and Pune saw homes worth Rs 1,55,833 crore sold in the first half of FY23, rising yearly by 119 per cent. The overall value of units sold in the corresponding period of FY22 was nearly Rs 71,295 crore, said a research by real estate consultancy firm Anarock.
Between April and September 2022, nearly 1,73,155 homes were sold across the top seven cities as against nearly 87,375 units sold in the same period a year ago.
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Anuj Puri, Chairman, Anarock Group, said, “In value terms, MMR topped the list with housing sales worth Rs 74,835 crore in H1 FY23, followed by NCR with sales of Rs 24,374 crore. While MMR saw a yearly gain of 110 per cent in overall housing sales value (it was Rs 35,610 crore in H1 FY22), NCR saw a whopping 174 per cent jump.”
“In H1 FY22, NCR saw total housing sales worth Rs 8,896 crore,” said Puri. Nearly 52,185 homes were sold in MMR in the April-September period in the ongoing fiscal, while NCR witnessed sales of nearly 30,300 units in the same period. MMR dominated housing sales both in volume and value terms, followed by NCR and Pune.
Interestingly, Hyderabad saw a 130 per cent jump in overall housing sales values in this period – from Rs 6,926 crore in H1 FY22 to Rs 15,958 crore in H1 FY23. Nearly 22,840 homes were sold in Hyderabad in the first half of FY23.
In Bengaluru, homes worth Rs 17,651 crore were sold in H1 FY23, against Rs 8,218 crore in the two-quarters of FY22 – an annual increase of 115 per cent. Pune sold nearly 26,580 homes worth Rs 13,532 crore in H1 FY23.
Similarly, cities including Kolkata and Chennai saw homes worth Rs 4,774 crore and Rs 4,709 crore sold respectively in the first two quarters of the ongoing fiscal, rising by 115 per cent and 57 per cent annually.
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