Housing sales rose 48 percent year-on-year to Rs.3.47 lakh crore during the last fiscal across seven major cities on higher volumes and better realisation, according to Anarock. Real Estate consultant Anarock reported that sales of residential properties in value terms increased to Rs.3, 46, 960 crore last fiscal from Rs.2, 34,850 crore in 2021-22.
In volume terms, sales grew 36 percent 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.
“India’s residential real estate segment continues to show boundless forward momentum, and is setting unprecedented benchmarks,” said Anuj Puri, Chairman, Anarock group.
According to the data, housing sales in Delhi-NCR rose to 42 percent to Rs.50,620 crore last fiscal from Rs. 35,610 crore in the previous year.
In Mumbai Metropolitan Region (MMR), sale grew 46 percent to Rs.1, 67,210 crore from Rs.1, 14,190 crore.
Housing sales in Bengaluru increased 49 percent to Rs.38, 870 crore from Rs.26, 100 crore.
Chennai saw a 24 per cent growth in sales to Rs.11, 050 crore from Rs.23, 190 crore.
Housing sales in Kolkata increased 30 percent to Rs.10, 660 crore during the last fiscal from Rs.7, 720 crore in the previous financial year.
Commenting on the trend, Gurugram-based luxury realty firm Krisumi Corporation MD Mohit Jain said the housing sector has undergone a transformation in recent years, becoming more mature and fundamentally robust.
“While there is significant demand from end-users, investors are also returning to the market,” Jain said.
Signature Global, which is into affordable housing, Chairman Pradeep Aggarwal said millennials are now actively investing in real estate, contributing to the overall rise in property sales.
