The real estate industry in India continues to stride ahead, recording sales as high as 48% in FY23. These record-breaking figures point to the potential that the property market holds for investors. During the mentioned period, home value sales recorded INR 3.47 lakh crore, which is an all-time high. This marks a remarkable 48% Y-o-Y increment.
Real estate experts revealed that the top seven cities in India witnessed a record growth. This ranges from 24% to 77% of the overall value of property sold during the year. The MMR (Mumbai Metropolitan Region) leads the list of cities with the largest share in terms of volume and value of sales. It accounts for 30% of the total number of residential properties sold in the fiscal year.
In the last quarter of the fiscal, there was a significant rise in the sale of luxury real estate as well. This marks the high demand for technically advanced smart homes focussed around convenience. Particularly, cities like Pune, Bengaluru, NCR, and MMR witnessed this trend. Luxury homes with automated features are in high demand all over the country. Besides, the high rental potential from these properties makes them highly sought after. The quality of lifestyle and range of amenities in the properties look promising.
A report reveals that the NCR and MMR recorded 42% and 46% increments in sales in this segment. In Bengaluru, the rise in sales was 49%, while Pune witnessed a spike as high as 77%. In Hyderabad and Chennai, sales increased by 50% and 24%, respectively. Kolkata recorded an increment of 38%.
Experts believe that the revision of capital gains tax in the recent Union Budget sparked an increment in sales. The Budget capped the capital tax gain benefit at INR 10 crore after the end of the last fiscal year.
