India’s residential property market witnessed a record-breaking year in FY23, with the value of home sales reaching an all-time high of ₹3.47 lakh crore , marking a robust 48% year-on-year increase, Anarock Property Consultants said.
The volume of sales also exhibited a strong growth trajectory, with a 36% rise to 379,095 units sold in FY23.
According to Anuj Puri, chairman of Anarock Group, all seven top cities in India recorded growth between 24% and 77% in the total value of housing sold during the year. The Mumbai Metropolitan Region (MMR) led with the largest share in both sales value and volume, with 30% of the total units sold during the fiscal year sold in the MMR region.
The last quarter of the fiscal also saw a pronounced uptick in luxury real estate sales, propelled by the burgeoning demand for technologically advanced, convenience-focused homes. This trend was most notable in MMR, National Capital Region (NCR), Bengaluru, and Pune, with Pune recording the most substantial growth in both sales value and volume.
“The uptrend in luxury housing is the result of overall improved homeownership sentiment, improved earning potential, and the desire for homes that are future-proofed in terms of size, lifestyle quotient, and resale value growth,” Puri said.
According to Anarock’s report, housing sales in Delhi-NCR and Mumbai Metropolitan Region (MMR) surged by 42% and 46% respectively, while Bengaluru saw a 49% spike. Pune topped the growth chart with a striking 77% rise. Sales in Hyderabad and Chennai grew by 50% and 24%, respectively, while Kolkata recorded a 38% increase.
The capital gains tax revision in the recent Union Budget, which capped the benefit at ₹10 crore post the end of the preceding fiscal year, also sparked a bull-run on qualifying properties.
Source : Live Mint