Home / News / India /  Housing sales up 7% in 8 big cities in Jan-Mar period: Report

Housing sales saw a 7 per cent year-on-year rise to 70,623 units from the January-March period across 8 big cities of the country, real estate consultancy firm PropTiger's data shows. The rise in housing sales has been attributed to very low home loan interest rates. During the same period, the housing prices also appreciated by 7 per cent, the data shows. During the same period last year, companies sold 66,176 housing units.

The cities that saw a boost in housing sales included Mumbai-Metropolitan Region (MMR), Pune, Ahmedabad and Bengaluru. The cities including Delhi-NCR, Chennai, Hyderabad and Kolkata saw a decline in housing sales.

The report, 'Real Insight Residential - January-March 2022', says amid higher demand, the new supplies also increased 50 per cent to 79,532 units during January-March 2022 vs 53,037 units during the same period last year.

"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 Dhruv Agarwala, Group CEO, PropTiger.com, Housing.com and Makaan.com.

As per the data, housing sales in Ahmedabad rose 18 per cent to 5,549 units during January-March 2022 from 4,687 units in the corresponding period of the previous year.

The city-wise, Bengaluru saw a 3 per cent rise in housing sales, while Mumbai saw a whopping 26 per cent rise. Housing sales in Pune were up 19 per cent. Among the cities that saw a decline, housing sales tumbled by 26 per cent in Chennai, while demand was 19 per cent lower in Delhi-NCR. Hyderabad saw a 15 per cent decline and housing sales in Kolkata also fell 15 per cent.

"As expected, housing price growth also accelerated during the quarter, with every market covered in the analysis showing an upwards movement in average rates of new properties. Most of this increase in rates can be attributed to the hike in prices of building materials," PropTiger said.

REA India is a part of REA Group Ltd of Australia. It owns Housing.com, Makaan.com and PropTiger.com.

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