The Mumbai Metropolitan Region (MMR) witnessed the highest shares of apartment sales and value in the top-7 cities of India during the financial year 2022-23, according to an Anarock report. It also said housing sales rose 48 per cent year-on-year to Rs 3.47 lakh crore during the last fiscal in the seven major cities on higher volumes and better price realisation.
In Mumbai Metropolitan Region (MMR), sales grew 46 per cent to Rs 1,67,210 crore from Rs 1,14,190 crore.
Overall, in India, 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 per cent to 3,79,095 units in 2022-23 from 2,77,783 units in the previous year.
Of the total residential realty sales of Rs 3.47 lakh crore in 2022-23 across the seven major cities, MMR led the largest share at 30 per cent during the fiscal. The sold stock in MMR was valued at Rs 1.67 lakh crore, accounting for 48 per cent in sales value share.
According to the report, all cities recorded growth between 24 per cent and 77 per cent in the total value of housing sold during the year. Pune recorded the highest growth both in terms of sales value and volume.
Anuj Puri, Chairman, Anarock Group, said “India’s residential real estate segment continues to show boundless forward momentum, and is setting unprecedented benchmarks,” .
According to the data, housing sales in Delhi-NCR rose 42 per cent to Rs 50,620 crore last fiscal from Rs 35,610 crore in the previous year. Housing sales in Bengaluru increased 49 per cent to Rs 38,870 crore from Rs 26,100 crore. In Pune, housing sales rose 77 per cent to Rs 33,730 crore from Rs 19,100 crore.
Sales in Hyderabad went up 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. Housing sales in Kolkata increased 38 per cent 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.
Pradeep Aggarwal, chairman of affordable housing firm Signature Global, said millennials are now actively investing in real estate, contributing to the overall rise in property sales.
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