In the months of January and March, housing sales increased by 7% in eight cities, while new supply increased by 50%, according to a report
- IBEF
- April 1, 2022
According to real estate consultancy firm PropTiger, housing sales grew by 7% year on year to 70,623 units in January-March across eight major cities, owing to higher demand fueled by extremely low-interest rates on home loans, while prices rose by an average of 7%. While sales in Mumbai-Metropolitan Region (MMR), Pune, Ahmedabad, and Bengaluru increased, sales in Delhi-NCR, Chennai, Hyderabad, and Kolkata decreased.
PropTiger.com reported in its study 'Real Insight Residential - January-March 2022' that new supply surged by 50% to 79,532 units in January-March 2022, compared to 53,037 units the previous year. Housing sales in Mumbai jumped by 26% to 23,361 units from 18,574 units. Pune sales increased by 19% to 16,314 units from 13,725 units.
The most significant increase in property prices occurred in Chennai, where the average rate of houses has increased by 9% in the last year. The average property rates in both Pune and Ahmedabad have increased by 8%. India's housing sector is again emerging as a bright spot in the country's economy, helping it spring out of the pandemic-induced slowdown. With further normalisation of activity in the months to follow, we expect greater positive changes," said Mr Dhruv Agarwala, Group CEO, PropTiger.com, Housing.com and Makaan.com.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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