India (Commonwealth Union)_ According to a study by a property consulting firm, Pune real estate sales have doubled annually, with 26,580 units sold during the first half of the ongoing fiscal year, compared to 13,490 units sold during the first half of the last fiscal year. According to Anarocka’s data, between April and September 2021, the leading seven real estate markets in the country sold 87,375 units. It also revealed that sales for the same time this fiscal year increased to 1,73,155 units.
Out of the seven cities analyzed by the company, 22,840 units were sold in Hyderabad during the first half of the current fiscal year, representing a rise of 130 percent compared to the 9,980 units sold during the previous fiscal year. Despite rising interest rates and basic property expenses, the first half of FY23 witnessed an annual rise of 119%, with home sales in the top seven cities totaling INR 1,55,833 crore. According to the data, the total value of units sold during the same period in FY22 was around INR 71,295 crore.
According to Anuj Puri, chairman of the Anarock group, the data confirms that the first half of FY23 was a highly optimistic period for the residential market in the leading seven cities, eliminating worries that rising property prices and interest rates might have a negative influence on house sales. The data indicate that Diwali arrived early for developers, with INR 1.56 lakh crore worth of properties sold in the top seven cities during the first half of FY23.
Amid the pent-up demand across the nation, the real estate market has experienced consistent growth following the pandemic. Homebuyers had a preference for larger residences. The lowest-ever housing interest rates and the government’s effort enabled the industry to see robust expansion. However, due to the emerging panic of a recession, the prospect for growth may encounter drawbacks in the coming days. The higher cost of inputs has compelled many builders to pass on the expenses to customers, which can also hinder growth prospects.
