For FY23, the average unit price stood at Rs 91 lakh, with an improvement of 7.5% over last year’s price of Rs 84 lakh. Mumbai’s sales volume was up by 42%, and Bangalore’s sales volume was up by 37% compared to FY22.
Top developers in FY23 include Lodha, Runwal Group, Prestige, Godrej, and L&T, significant contributors to high sales value and volume growth. Mumbai region contributed about 70% of total sales volume, followed by Bangalore, comprising 20%. Presales value contribution by its broker aggregation platform mymagnet.io grew 53% to Rs 222 crore from Rs 145 crore. Cash flow from collections has increased by 51% to Rs 47.38 crore.
Ashish Kukreja, Founder & CEO, Homesfy.in & Mymagnet.io said in a statement, “This is what we call transformative years for the sector. The last quarter in FY23 ended well for Homesfy and the real estate sector, that too when we witnessed one of the fastest-ever rises in interest rates. It is possible to see a rate hike in the first half of 2023-24 and a cycle stop in the second half. But the industry expects to continue to see strong demand for quality tier-1 branded homes.”
The increasing sales and new launches indicate that the Indian housing sector is growing substantially. In the last quarter, January-March 2023, housing sales in India rose by 22% to 85,850 units across eight cities from 70,630 units in the Q4 of the previous financial year. New launches grew 86% to 1,47,780 units — the highest in a quarter — from 79,530 units. (source REA India).
Kukreja also added, “The government has been investing in infrastructure mega-projects like highways, and new airports, with significant policy initiatives such as “Housing for All”. This increases the possibility that the real estate market in Tier 2 and Tier 3 markets will also snowball, generating substantial returns for investors. These factors will stimulate both real estate holdings’ quantitative and qualitative growth.”
