Between April and September 2022, approx. 1,73,155 homes were sold across the top 7 cities; approx. 87,375 units were sold in the same period a year ago.

Anuj Puri, Chairman – ANAROCK Group, says, “In value terms, MMR topped the list with housing sales worth INR 74,835 Cr in H1 FY23, followed by NCR with sales of INR 24,374 Cr. While MMR saw a yearly gain of 110% in overall housing sales value (it was INR 35,610 Cr in H1 FY22), NCR saw a whopping 174% jump.”

“In H1 FY22, NCR saw total housing sales worth INR 8,896 Cr,” says Puri. “Approx. 52,185 homes were sold in MMR in the April-September period in the ongoing fiscal, while NCR witnessed sales of approx. 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% jump in overall housing sales values in this period – from INR 6,926 Cr in H1 FY22 to INR 15,958 Cr in H1 FY23. Approx. 22,840 homes were sold in Hyderabad in the first half of FY23. 

In Bengaluru, homes cumulatively worth INR 17,651 Cr were sold in H1 FY23, against INR 8,218 Cr in the two quarters of FY22 – an annual increase of 115%. Pune sold approx. 26,580 homes worth INR 13,532 Cr in H1 FY23.

Kolkata and Chennai saw homes worth INR 4,774 Cr and INR 4,709 Cr sold respectively in first two quarters of the ongoing fiscal, rising by 115% and 57% annually.

“The data vouchsafes that the first half of FY23 was a highly upbeat period for the residential market in the top 7 cities, allying fears that housing sales could be impacted by rising property prices and interest rates,” says Puri. “The numbers show that Diwali came early for developers, with homes worth INR 1.56 lakh Crore sold across the top 7 cities in H1 FY23.”

Also Read: Fastest 1 lac property sale registrations recorded in Mumbai this year

The post Homes Worth Rs 1.56 Lac Cr Sold in 7 Cities in H1 FY23 appeared first on Square Feat India.

By Varun Singh

In a major fallout of increased property prices and lending rate hikes, the top 7 cities saw housing sales moderate by 15% – from approx. 99,550 units in Q1 2022 to approx. 84,930 units in Q2 2022, finds the latest ANAROCK Research data. MMR recorded the highest sales of approx. 25,785 units in Q2 2022, followed by NCR with approx. 15,340 units.

Developers restricted new supply to approx. 82,150 units in Q2 2022 against 89,150 units in Q1 2022 – an 8% decline in the period. MMR and Pune were the only markets to see new launches increase by 26% and 14% q-o-q, respectively. The remaining top 5 cities saw reduced new launches.

MMR saw approx. 29,730 units added in Q2 2022, while Pune added approx. 16,560 units. NCR saw a massive 56% drop in new supply – from 9,300 units in Q1 2021 to approx. 4,070 units in Q2 2022.

Anuj Puri, Chairman – ANAROCK Group, says, “Inflationary pressures on input costs compelled developers to increase property prices in the past few months, and RBI unleashed two rate hikes that swelled up home loan interest rates. These two factors combined to hike the overall property acquisition cost for homebuyers, leading to a dip in housing sales. The fact that after two years, there was no new Covid-19 wave to disrupt family travel plans during the school vacation months (April to June) could also have impacted sales.”

“As for the declining new launches, developers would have held back fresh supply while they sought clarity on the unfolding market sentiments amid increased housing purchase costs,” says Puri. “Given that we saw two back-to-back quarters of robust housing sales and new launches (Q4 2021 and Q1 2022), a dip was to be expected.”

New Launches Overview

The top 7 cities recorded 82,150 new units launched in Q2 2022 as compared to 89,150 units in Q1 2022, an 8% decrease over the previous quarter.

The key cities contributing to new unit launches in Q2 2022 were MMR (Mumbai Metropolitan Region), Hyderabad, Pune, and Bengaluru, which together accounted for 91% of the new supply addition. Only MMR and Pune saw increased new launches.

• Approx. 29,730 units were launched in MMR – an increase of approx. 26% from Q1 2022. Over 66% of the new supply was added in the INR 40 lakh to INR 2.5 Cr budget segment.
• Pune added approx. 16,560 units in Q2 2022, a q-o-q increase of 14% over the previous quarter. Over 73% of the new supply was added in the sub-INR 80 lakh budget segment.
• Hyderabad added approx. 15,780 new units in Q2 2022 compared to 21,550 units in Q1 2022 – a 27% decrease. Over 92% of the new supply was added in the INR 40 lakh to INR 2.5 Cr budget segment
• Bengaluru added approx. 12,510 units in Q2 2022, a marginal quarterly decline of 5%. Approx. 74% of the new supply was in the mid and upper mid-segment (INR 40 Lakh – INR 1.5 Cr)
• NCR saw a significant decrease of 56% in new launches during this versus the previous quarter, with approx. 4,070 units launched in Q2 2022
• Chennai added approx. 1,480 units in Q2 2022, a quarterly decrease of 52% over the previous quarter. Approx. 65 % of the new supply was added in sub-INR 1.5 Cr budget segment.
• Kolkata added approx. 2,020 units in Q2 2022, a massive decrease of 48% over Q1 2022. Approx. 65% of the new supply was added in INR 40 Lakh – INR 1.5 Cr. budget segment.

Housing Sales Overview

Approx. 84,930 units were sold in Q2 2022 – a 15% decrease over Q1 2022.  NCR, MMR, Bengaluru, Pune, and Hyderabad accounted for 90% of the sales in the quarter.

• MMR recorded the highest sales in Q2 2022 among the top 7 cities. With approx. 25,785 units sold in Q2 2022, the city witnessed a quarterly decline of 11%
• NCR recorded the second-highest sales of approx. 15,340 units in Q2 2022, a decrease of 19% over the previous quarter
• Pune saw approx. 12,500 units sold in Q2 2022 – a decline of 11% over Q1 2022
• Bengaluru saw approx. 11,505 units sold in Q2 2022 – a quarterly decrease of 14%
• Hyderabad recorded approx. 11,190 units sold in Q2 2022, decreasing by 15% over Q1 2022
• Kolkata recorded the sale of approx. 4,800 units in Q2 2022, a decrease of 20% over the previous quarter
• Chennai saw approx. 3,810 units sold in Q2 2022 – a 24% decrease over Q1 2022.

Available Inventory

Available inventory remained more or less stable at 6.25 lakh units in Q2 2022 (against 6.28 lakh units in Q1 2022) due to low quarterly sales. Annually, however, accumulated inventory declined by 4% across the top 7 cities.

Price Movements

Residential property prices across the top 7 cities saw a quarterly increase of 2-3% in Q2 2022. Annually, prices have risen by between 4 and 7%, primarily due to increased input costs and good demand post-Covid-19.

Also Read: Pune leads in housing sales and new launches in Q1 2022

The post MMR and NCR Outperform Other Cities in Housing sales appeared first on Square Feat India.