According to the findings of a real estate consultancy research, the top seven real estate markets in 2022 recorded a total of 1,73,155 unit sales between the months of April and September.
During the first half of the current fiscal year, the city of Pune saw sales of 26,580 units, which is an increase from the 13,490 units that were sold during the first half of the financial year 2021-2022, according to an analysis conducted by a property consultant firm. This indicates that real estate sales in Pune have more than doubled on a year-on-year basis.
According to the findings of the study conducted by a real estate firm, the top seven real estate markets in the country collectively recorded a total of 87,375 unit sales from the months of April through September 2021. It shows that sales for the same period during this fiscal year increased to a total of 1,73,155 units. With 22,840 units sold during the first half of the current fiscal year, Hyderabad registered the highest growth rate among the seven cities that were monitored by the company. This figure compares to 9,980 units sold during the first half of the previous fiscal year.
The data clearly shows that the first half of FY23 was a highly upbeat period for the residential market in the top seven cities, allying fears that rising property prices and interest rates could impact housing sales. The chairman of the real estate company said that the phrase "the data vouches that the first half of FY23 will be a highly positive period for the residential market in the top seven cities." According to the numbers, "Diwali came early for developers, with homes worth Rs 1.56 lakh crore sold across the top seven cities in the first half of FY23," he said. "The numbers show that Diwali came early for developers."
In spite of rising interest rates and fundamental property prices, a total of Rs 1,55,833 crore worth of residential real estate changed hands in the first half of FY23 in the top seven cities. This represents an increase of 119 per cent on an annual basis. According to the findings of the analysis, the total value of units that were sold during the comparable period of FY22 was approximately Rs. 71,295 crores.
As a result of the pent-up demand across the country, the real estate industry has seen consistent growth in the years following the pandemic. Buyers are increasingly interested in purchasing larger homes. The real estate industry was able to register good growth thanks to the push from the government as well as the lowest-ever interest rates on housing. The growth story may, however, experience some bumps in the road in the days and weeks ahead due to the pervasive fear of a recession. Because of the rise in the cost of inputs, many construction companies have been forced to pass the increased costs on to their customers, which can be detrimental to the growth story.