Sale of houses out of the impact of the epidemic
Sales in Delhi NCR have increased by 2 times compared to last year, while sales in Bangalore have increased by 80 percent and in Mumbai by 55 percent compared to last year.
The sale of houses has now come out of the impact of the pandemic. Property market of 8 major cities in the first 6 months of the year 2022 (Property Market) has seen a record pace of growth. In eight major cities during January-June half this year housing sale ,Housing Sales) grew 60 per cent year-on-year to 1,58,705 units. This is the highest demand recorded during any half year in nine years. This information has been received from the data of property consultant Knight Frank India. The company, in the 17th edition of its semi-annual report ‘India Real Estate: Residential and Office Market H1 2022’, said 99,416 houses were sold in the same period last year. The report was released online on Wednesday. The property advisor said the residential sector has achieved a nine-year high sales in the January-June half of this year. The previous high was recorded in the first half of 2013, when 1,85,577 houses were sold.
Why did home sales increase?
The company has cited several reasons for the increase in housing sales, including the need for home buyers to improve their lifestyles, lower interest rates on home loans and lower home prices compared to pre-pandemic. At the same time, sales are increasing due to the feeling of need among people to have their own house due to the Kovid-19 epidemic. Housing prices in all markets have risen by three to nine per cent on a yearly basis. This is a period in which housing prices across all markets have increased year-on-year for the first time since the second half of 2015. Shishir Baijal, Chairman and Managing Director, Knight Frank India said, “There has been a positive and strong turnaround in home buying since the pandemic and this continues despite inflationary concerns in the economy.
how much sales increased
Giving details of city-wise housing sales, Knight Frank said housing sales in Mumbai grew by 55 per cent to 44,200 units in January-June, 2022 from 28,607 units in the year-ago period. Delhi-NCR grew more than two times in this period (H1st, 2022 vs H1st, 2021) with 29,101 units sold. It was 11,474 units in the same period last year. While sales of residential properties in Bengaluru increased by 80 per cent to 26,677 units. In the same period last year, 14,812 houses were sold. In terms of rentals, the office markets of Bengaluru and Pune recorded maximum annual growth of 13 per cent and eight per cent respectively, mostly due to high demand and lack of Grade A space. Hyderabad, Mumbai and NCR also saw a marginal increase in fares, while fares remained stable in Chennai, Ahmedabad and Kolkata.