The real estate sector of the country remains vibrant. Home sales in value terms increased by 68 percent during the January-March quarter this year. According to the data, property sales worth approximately Rs 1.11 lakh crore were recorded during this period. According to real estate brokerage firm Proptiger, during this period there was a boom in major cities in terms of both quantity and value. According to language news, PropTiger.com in its quarterly report ‘Real Insight Residential: January-March 2024’ said that in terms of value, housing sales stood at Rs 1,10,880 crore in January-March this year, which is the same as last year. It was Rs 66,155 crore during the period.
good sign for the economy
According to the news, Vikas Wadhawan, Group Chief Finance Officer (CFO) of REA India and Business Head of PropTiger.com, said that the increase in home sales, both in terms of volume and value, is a good sign for the overall economy as cement and steel. Including more than 200 supporting industries dependent on it. He said housing sales in terms of area increased by 63 per cent to 162 million square feet in the first quarter of this year, compared to 99 million square feet in the same period last year.
In terms of numbers, home sales increased by 41 percent
According to PropTiger, in terms of numbers, home sales increased by 41 percent to 1,20,640 units during the period under review, as against 85,840 units in the same period last year. Earlier, Anarock had said in a report that residential sales in seven big cities increased by 14 percent to 1,30,170 units in the January-March quarter this year, as against 1,13,775 units in the same period a year ago. It also said that this quarter has witnessed the highest sales in the last decade amid a significant increase in demand for high-end homes priced at Rs 1.5 crore and above.
Average residential property prices in the top seven cities are expected to increase by 10 to 32 per cent year-on-year in the first quarter of 2024. Residential demand is high, especially for premium and ultra-luxury homes. It is expected to become stronger in 2024.
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