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In the first half of this year, i.e. January-June, house sales increased by 60 per cent to 1,58,705 units in eight major cities of the country. This is the 9-year high of sales since January-June 2013. A total of 1,85,577 houses were sold during that time. A total of 99,416 houses were sold in the same half of 2021.
The need to improve the primary lifestyle of buyers, lower home loan interest rates and lower prices compared to pre-pandemic levels has led to 60% YoY growth in home sales, Knightfrank India said in a report on Wednesday.
Sales doubled in Delhi-NCR
- Delhi-NCR: House sales doubled to 29,101 units in the January-June half year.
- Mumbai: A total of 44,200 houses were sold with a growth of 55 per cent.
- BENGALURU: Sales up 80% to 26,677 units from 14,812 units.
- Pune: 21,797 houses sold, an increase of 25% over the same period last year.
- Chennai: Sales up 21 per cent to 6,951 units.
- Hyderabad: A total of 14,693 houses were sold with an increase of 23 per cent.
- Kolkata: Sales up 39 per cent to 7,090 units.
- Ahmedabad: 8,197 houses were sold, which is 95 per cent higher than the same half of 2021.
Home loans are expensive even if there is no impact on the sale of houses in NCR: CREDAI
The increase in the repo rate has not affected the sale of houses as home loans become costlier. According to a CREDAI survey, 68 per cent of the developers in Delhi-NCR said that despite the cost of home loans, there is no decline in sales. At the same time, 27 per cent said a decline in sales/enquiries. 82.5 per cent of the developers surveyed are set to launch new projects this year.
- More than 76% developers want to launch new residential projects.
- 50% of the developers want to bring in affordable housing projects, which cost Rs 3,000-5,000 per sqft.
- 45 per cent developers are positive about the growth in the real estate sector.
- 71 per cent of developers say that people are now putting money in real estate to invest.