Home sales in top 7 cities likely to record 3.6 Lakh units this year: Anarock| Roadsleeper.com

Home sales in top 7 cities likely to record 3.6 Lakh units this year: Anarock| Roadsleeper.com

Home sales are likely to hit an all-time high this year at 3.6 lakh units in the seven capital cities with demand across all price ranges despite rising interest rates on home loans and property prices, said Anarock.

The previous high was recorded in 2014 when home sales stood at 3,42,980 units across the first market (only new market) of seven cities – Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad and Pune.

According to data from property manager Anarock, home sales have reached 2,72,710 units in the January-September period of the current calendar year and beat the 2019 number – before the year of COVID – of 2,61,360 units.

As housing demand continues to strengthen during this festive month despite a rise in interest rates on home loans from 6.5 per cent to around 8.5 per cent, the property manager has said that sales will touch 3.6 lakh units in full calendar 2022.

Anarock Group CEO Anuj Puri said, “2022 will create history for the housing market in India, already breaking all previous highs and continuing to see strong market momentum during the festive season. go ahead.”

He added, “Home ownership sentiment has retained the positive momentum of the COVID-19 era – despite interest rates (by the RBI) of 190 basis points, rising property prices, and the absence of a major discount period this year,” he added. he added.

Home prices have risen at least 10 percent over the past year.

Recently, HDFC Capital MD Vipul Roongta said that demand for real estate in India will remain strong in the coming years as the demographic distribution and less dependence of buyers on loans Housing will remain stable despite high interest rates.

Home sales stood at 3,18,400 units in 2013; 3,42,980 units in 2014; 3,08,250 in 2015; 2,39,260 units in 2016; 2,11,140 units in 2017; 2,48,310 units in 2018; and 2,61,360 units in 2019.

Sales dropped to 1,38,340 units in 2020 due to the COVID-19 pandemic and the imposition of a national lockdown to stop the spread of the disease.

The housing market turned around in the calendar year 2021, the market returned to 2,36,520 units in the same period, but fell to pre-COVID numbers.

Anarock said that end users and investors continue to move forward with projects from large and listed developers.

However, new launches in 2022 will be lower than the previous figure of 2014, which saw 5,45,230 homes launched across the top seven cities.

Current trends indicate that the launch in these seven cities will cross 3.4 lakh units by 2022.

The first nine months of 2022 saw 2,64,780 units released in the top seven cities.

Over the past 18 months, all listed home builders have reported high growth in their sales numbers.

Bengaluru-based Prestige Estates, Macrotech Developers (Lodha group), Godrej Properties, and DLF Ltd were the top performers in the annual sales bookings.

Other listed companies, including Oberoi Realty, Sobha, Mahindra Lifespace, Indiabulls Real Estate, Brigade Enterprises, Puravankara Ltd, and Shriram Properties are also giving them tough competition.

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