Homesfy Realty, India's first listed real estate brokerage posts a 32% jump in FY23 pre-sales of over ₹1,787 Cr | Mint
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Business News/ News / India/  Homesfy Realty, India's first listed real estate brokerage posts a 32% jump in FY23 pre-sales of over 1,787 Cr
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Homesfy Realty, India's first listed real estate brokerage posts a 32% jump in FY23 pre-sales of over ₹1,787 Cr

Homesfy Realty Ltd., India's first publicly traded brokerage, achieved its highest annual result to date.

Homesfy Realty said the sector's performance in Q4 indicates a genuine interest in housing, and the momentum is expected to continue despite global uncertainty.Premium
Homesfy Realty said the sector's performance in Q4 indicates a genuine interest in housing, and the momentum is expected to continue despite global uncertainty.

Homesfy Realty Ltd., India's first publicly traded brokerage, achieved its highest annual result to date. The nation's premier technologically advanced real estate brokerage notified NSE Emerge that its pre-sales value for Q4-FY23 grew by 51% over Q3-FY23, totalling 599 Crores, and by 15% over Q4-FY22. This is especially noteworthy in view of the challenging global economy and the growing price of loans on the domestic market.

With a growth of 7.5% above the price of 84 Lacs from the previous year, the average unit price for FY23 was 91 Lacs. In comparison to FY22, Bangalore's and Mumbai's sales volumes rose by 37% and 42%, respectively. Among the top developers in FY23 were Lodha, Runwal Group, Prestige, Godrej, and L&T, which made considerable contributions to the high sales value and volume growth. Bangalore contributed 20%, followed by the Mumbai region with around 70% of the overall sales volume. Our broker aggregation platform, mymagnet.io, contributed pre-sales value worth 222 Crore, up 53% from 145 Crore, whereas a 51% growth rate to 47.38 Crore was reported as cash flow from collections. 

Mr. Ashish Kukreja, Founder & CEO, Homesfy.in & Mymagnet.io said, "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 surging sales and new launches suggest that the Indian housing market is expanding significantly. From 70,630 units in the Q4 of the previous fiscal year to 85,850 units in the last quarter, January-March 2023, there was a 22% growth in housing sales in India across eight cities. According to data from REA India, new launches surged by 86% to 1,47,780 units, which was the highest for a quarter from 79,530 units. Homesfy Realty said the sector's performance in Q4 indicates a genuine interest in housing, and the momentum is expected to continue despite global uncertainty.

Mr Kukreja also added that "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."

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Published: 13 Apr 2023, 02:53 PM IST
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