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Housing sales up 87% in Jan-Sept in 7 cities; breach full 2019 figure: Report
The sales stood at 1,45,651 units in the January-September period of 2021.
The housing sales across seven cities between January-September period surged 87 per cent to 2,72,709 units and had breached the transactions clocked in entire 2019 pre-COVID year on strong demand, said property consultant Anarock on 2 October.
The report added that the sales stood at 1,45,651 units in the January-September period of 2021.
Anarock tracked the primary sales of seven major cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune – for the period. According to its data, the housing sales in these seven cities rose to 2,72,709 units during January-September in 2022 compared to 1,45,651 units in the corresponding period of the previous year.
Also, the January-September figure of this calendar year is higher than the 2,61,358 units sold during entire 2019. However, the housing sales took a hit during COVID-19 induced lockdowns and stood at 1,38,344 units in 2020.
Coupled with incentives offered by some state governments like Maharashtra in the form of lower stamp duty, country's primary housing market revived in 2021, resulting in rise in sales to 2,36,516 units in 2021 and the momentum has continued so far this year.
So far on the housing market the impact of rise in interest rates on home loans has not been felt despite the Reserve bank of India hiked the repo rate by 190 basis points since May this year to contain inflation. However, the housing prices too have gone up by at least 10 per cent in the last one year.
As per experts, pandemic has positively impacted the concept of home ownership among people which has resulted in good sales.
The Anarock data says the sales of residential properties in Delhi-NCR more than doubled to 49,138 units in January-September from 22,478 units in the year-ago period.
While in Mumbai Metropolitan Region (MMR), the sales increased by 67 per cent to 81,315 units from 48,716 units. Bengaluru saw 81 per cent increase in housing sales to 37,645 units from 20,780 units, while Pune witnessed 69 per cent rise to 40,598 units from 24,043 units.
Housing sales in Hyderabad jumped over two-fold to 35,980 units from 14,376 units. In Chennai, housing sales rose by 57 per cent to 12,290 units from 7,843 units. Housing sales in Kolkata during the first nine months of this year jumped more than two-times to 15,743 units from 7,415 units.
Excluding plotted development projects, the housing sales data includes all residential projects including apartments, villas, row-houses, villament and independent floors, said Anarock.
"The momentum of both housing sales and new launches stayed strong in the top 7 cities in Q3 2022 (July-September) despite major headwinds. The appetite for homeownership has remained undeterred, with maximum sales being driven by end-users," Anarock Chairman Anuj Puri said, expecting the trend to continue during the ongoing festive season.
To keep the momentum rolling, the real estate developers have rolled out lucrative offers and those are being received well in the market. Also, builders are offering cash discounts and freebies.
While some have gone too far and are bearing partly home loan interest, GST and stamp duty charges to drive sales during the festive fourth quarter, considered as the strongest in the calendar year.
With PTI inputs.
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First Published:2 Oct 2022, 02:52 PM IST
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