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. 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.
An analysis of buyer behaviour in the top seven cities in the last fiscal year FY21-22 shows that nearly 80% of demand is for mid-end and high-end homes, with the affordable housing segment accounting for a mere 10% of the demand.
Land-starved MMR saw 11 land deals involving 768 acres of area – a 64% share of the total 1,205 acres of planned residential development across the top cities. NCR came a distant second with 4 separate deals
The previous 'gold standard' of Indian housing - the walk-to-work / short drive to work, by definition only in and around central corporate workplace hubs - may shed some its popularity for the middle class
Unlike its other major counterpart MMR, NCR has fared better in shedding its overall unsold stock on both quarterly and yearly basis.