Home sales in the country’s eight major cities grew by 7 per cent year-on-year to 70,623 units during January-March 2022. In the corresponding period last year, this figure was 66,176 units. According to PropTiger, a real estate advisory company, there has been an increase in the demand for homes due to lower interest rates on home loans. At the same time, the average price of houses also increased by seven percent during this period.
According to the company’s report, while home sales increased in Mumbai Metropolitan Region (MMR), Pune, Ahmedabad and Bengaluru, it declined in Delhi-NCR, Chennai and Hyderabad and Kolkata. PropTiger.com in its report ‘Real Insight Residential -January-March, 2022’ said that the new supply of homes increased by 50 percent to 79,532 during this period. It was 53,037 units in the same period a year ago.
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Dhruv Agarwal, Chief Executive Officer (CEO) of PropTiger.com, Housing.com and Makaan.com Group said, “India’s housing sector is again emerging as a bright sector in the country’s economy. This sector is coming out of the recession caused by the COVID-19 pandemic.
He said, “With these activities normalizing further in the coming months, we are expecting more positive changes.” 5,549 units as against 4,687 units in January-March 2021.
On the other hand, residential sales grew by 3 per cent in Bengaluru, 26 per cent in Mumbai and 19 per cent in Pune. However, home sales in Chennai declined by 26 per cent year-on-year and 19 per cent in Delhi in the first three months of this year.