Record-breaking Housing Sales of Rs 3.47 Trillion Achieved in FY23: Anarock Report

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    In a recent report released by property consultancy firm Anarock Group on Monday, it has been revealed that the residential real estate market in India experienced a remarkable surge in sales during the fiscal year 2022-23 (FY23). The total value of housing sales in the top seven cities reached an unprecedented Rs 3.47 trillion, marking a significant 48 percent increase compared to the previous year. Furthermore, the number of houses sold also witnessed a substantial rise of 36 percent, reaching a total of 379,000 units.

    The Mumbai Metropolitan Region (MMR) emerged as the frontrunner in both value and volume, claiming the highest market share in FY23. Astonishingly, 30 percent of all houses sold in India were located in the MMR alone, accounting for a total value of Rs 1.67 trillion. This represents 48 percent of the overall market share in terms of value. Following MMR, Pune and the National Capital Region (NCR) secured the second and third positions in terms of the number of houses sold, with market shares of 17 percent and 16 percent, respectively. Pune, in particular, exhibited the most remarkable growth in terms of sale value and volume among the major cities.

    Also Read:-Residential Real Estate In Top 7 Cities Shows Upward Trend In Second Quarter, Says Anarock Report

    Comparing the data to FY22, the value of houses sold in Pune witnessed an impressive surge of 77 percent. The luxury housing segment, consisting of houses priced above Rs 1.5 crore, continued to experience a steady increase in the total number of units sold for the second consecutive year. In terms of volume, luxury houses claimed a 20 percent market share in FY23, as opposed to 10 percent in FY22 and 5 percent in FY21.

    Anarock Group Chairman, Anuj Puri, attributed the upswing in luxury housing to several factors, including an improved sentiment towards homeownership, enhanced earning potential, and a desire for homes that offer future-proofing in terms of size, lifestyle, and resale value growth. Puri also highlighted that recent record-breaking sales on luxury projects by renowned developers further confirm people’s willingness to invest in these factors. The demand for luxury real estate has particularly intensified following the Covid-19 pandemic, with a growing preference for technologically equipped homes that provide convenience-driven lifestyles and a sense of pride in ownership.

    In terms of luxury home sales, MMR, NCR, and Bengaluru emerged as the top-performing cities in India during FY23.

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