Mumbai,12th April 2023: Homesfy Realty Ltd. India’s 1st tech-enabled real estate brokerage listed on NSE Emerge – records its best annual performance ever. Pre Sales value for Q4-FY23 grew by 51% with a value of ₹599 Crores over Q3-FY23 and 15% compared to Q4-FY22. This is particularly notable in light of the challenging global environment and the rising cost of home loans in the domestic market. This is Homesfy’s first operational update since listing on NSE Emerge, and it has been informed to the exchange.
For FY23, the average unit price stood at ₹ 91 Lacs, with an improvement of 7.5% over last year’s price of ₹ 84 Lacs. 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 our broker aggregation platform mymagnet.io grew 53% to ₹222 Crore from ₹145 Crore. Cash flow from collections has increased by 51% to ₹47.38 Crore.
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)
Mr. Ashish Kukreja, Founder & CEO, Homesfy.in & Mymagnet.io, mentioned that “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.”
He 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.”
The sector’s performance in Q4 indicates a genuine interest in housing, and the momentum is expected to continue despite global uncertainty.
