Housing Sales

Data from Anarock showed that inventory overhang was the lowest in Bengaluru at 13 months

With a significant rise in housing sales post-COVID, real estate consultant Anarock has said unsold homes with developers across seven major cities fell 12 pc in the last five years, and time needed to clear these inventories have come down by half to just 20 months. In its latest report, Anarock said unsold housing stocks have declined 12 per cent to 6,26,750 units at the end of January-March this year from 7,13,400 units as of March 31, 2018. More importantly, Anarock said, inventory overhang (estimated time developers need to clear unsold inventories at current sales velocity) fell to 20 months from 42 months at the end of March 2018. An inventory overhang of 18-24 months is normally considered healthy. Anarock Chairman Anuj Puri attributed the drop in unsold stocks and inventory overhang to a surge in housing sales. In Q1 of 2023, the top 7 cities recorded all-time high sales of more than 1.14 lakh units. "Strong home-ownership sentiment, relatively lower home loan rates, str

Real estate consultant JLL India on Wednesday said sales of apartments in January-March across seven major cities rose 20 per cent to 62,040 units, the highest quarterly sales in the last 15 years. The data includes sales of only apartments. Rowhouses, villas and plotted developments are excluded from this analysis. "The Indian residential market saw significant growth in Q1 2023 due to a combination of factors, such as government policies, infrastructure growth and robust launches," the company said in a statement. Across the top 7 cities of India, sales of residential units in January-March went up by 15 per cent compared to the previous quarter and 20 per cent against the same quarter last year, with over 62,000 units sold. "This marks the highest quarterly sales in the last 15 years, indicating increased consumer confidence," JLL said. Bengaluru is currently leading the market in terms of quarterly sales, with a 21 per cent share, closely followed by Mumbai with a 20.9 per ce

As per the new rates notified by the government, the circle rates of a housing project on Golf Course Road have been increased and now a homebuyer will have to pay higher taxes

The Centre's move to set up a panel to examine issues related to stalled real estate projects and suggest ways for their completion is a step in the right direction, homebuyers' body FPCE said on Tuesday. The grouping also expressed hope that practical solutions would emerge for benefits of all stakeholders but rued that the panel does not have anyone representative of homebuyers. The Forum For People's Collective Efforts (FPCE), an umbrella body of homebuyers, had played an important role in enactment and implementation of RERA. Union Housing and Urban Affairs Ministry has set up a 14-member committee headed by former NITI Aayog CEO Amitabh Kant to examine the issues related to stalled real estate projects and recommend ways to complete such projects. FPCE President Abhay Upadhyay said setting up of the panel is definitely a step in the right direction and a very welcome move to resolve the issues of pre-RERA delayed project. "The credibility, intent, seriousness and effectivenes

Indian real estate witnessed steady demand during January-March with housing sales rising by 1 per cent and gross office space leasing growing by 5 per cent year-on-year across eight major cities, Knight Frank India said on Monday. Housing prices rose in the range of 1-7 per cent annually in the first quarter of this calendar year, while office rentals grew 2-9 per cent, according to real estate consultant Knight Frank 'India Real Estate' report released on Monday. As per the data, housing sales stood at 79,126 units across eight major cities during January-March 2023, up by marginal 1 per cent from the year-ago period. The gross office leasing rose 5 per cent to 11.3 million square feet in January-March, from 10.8 million square feet in the corresponding period of the previous year. "The residential market remained resilient in the face of rising interest rates and prices as sales level sustained in the first quarter of the year," Knight Frank India Chairman & Managing Director ..

Delhi-NCR's prime residential market Gurugram saw a 10 per cent rise in housing sales during January-March, but demand fell in Noida and Greater Noida by 23 per cent, according to Anarock. Market experts attributed the rise in sales in Gurugram to strong demand for luxury homes. Sales dropped in Noida-Greater Noida due to lesser launches of new projects and lower demand amid increase in mortgage rates as well as property prices, they added. Data from real estate consultant Anarock showed that housing sales in Gurugram went up 10 per cent to 9,750 units in January-March from 8,850 units in the year-ago period. However, Noida-Greater Noida saw a 23 per cent decline in sales to 4,250 units from 5,495 units. In the rest of Delhi-NCR market like Delhi and Ghaziabad, housing sales fell 30 per cent to 3,160 units from 4,490 units. Overall in Delhi-NCR, housing sales fell to 17,160 units in January-March from 18,835 units in the year-ago period. "The underlying cause for this drop seems

Realtors' apex body Credai on Thursday requested the RBI not to increase the repo rate in the upcoming monetary policy as this would raise the borrowing cost of builders and customers, impacting housing sales. With retail inflation remaining above the comfort level of 6 per cent and most global peers, including the US Fed, continuing their hawkish stance, industry experts feel the Reserve Bank of India may go in for a 25 basis points hike in the bi-monthly monetary policy to be announced on April 6. Confederation of Real Estate Developers' Association of India (Credai), having more than 13,000 developers as members, has "urged the RBI to not to increase the repo rate any further, citing the financial challenges faced by developers and the potential impact on housing sales due to the consequential rise in prices and home loan rates". In the last one year, the body said, the repo rate has increased from 4 to 6.5 per cent and another hike would lead to even higher borrowing costs for .

Most of the home buyers were inclined towards mid-segment housing in Mumbai in the price range of Rs 1 to 2 crore

Housing sales in India's top seven cities are estimated to rise 14 per cent during January-March to over 1.13 lakh units on strong demand despite increase in prices by 6-9 per cent, according to Anarock. Real estate consultant Anarock, which tracks the primary (fresh sales) residential market, said the "bull run" continued in the housing segment of Indian realty sector despite rise in interest rates on home loans, leading to highest quarterly sales in the last one decade. According to the data compiled by Anarock, housing sales are estimated at 1,13,770 units in January-March, up 14 per cent from 99,550 units in the year-ago period across seven major cities. Mumbai Metropolitan Region (MMR) and Pune contributed 48 per cent to total sales. Delhi-NCR is the only city likely to witness a decline in sales during the first quarter of this calendar year. "The residential market's winning streak continued in the first quarter of 2023 with housing sales in top cities breaching the previou

Housing sales in volume terms grew 11 per cent in the third quarter of this fiscal across seven cities on better demand, according to rating agency ICRA. "At 149 million square feet (msf), the reported sales in Q3 FY2023 in the top seven cities in India is the highest quarterly sales recorded in over ten years," ICRA said in a statement on Wednesday. Residential real estate sector saw strong demand in Q3 of FY2023 with 11 per cent year-on-year (YoY) growth in area sold, it added. The area sold in the first nine months of FY23 increased to 412 msf against 307 msf in the corresponding period of the previous year. Post pandemic, ICRA noted that there has been a gradual shift in the overall segment-wise composition with a rise in the share of the luxury and mid segments to the overall sales across the top seven cities -- Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune. The share of the luxury and mid segments to the ove

The year 2022 witnessed record-high housing sales and new launches across the top seven cities in the country, according to new data

Sales of residential apartments, which rose 68 per cent in 2022, are likely to sustain this year on likely moderation in inflation and better price deals from builders, according to JLL India. In a statement, JLL India on Thursday said that the sale of apartments grew 68 per cent to 2,15,666 units in 2022 from 1,28,064 units in the previous year across seven major cities -- Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune. Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai. The annual sales of 2,15,666 units recorded in 2022, the highest in over a decade, next to the peak seen in 2010 at 2,16,762 units, it added. Data includes only apartments, while rowhouses, villas and plotted developments have been excluded. On the outlook, JLL India said, "Sales momentum is likely to sustain in 2023 on the expectations of moderating inflation supporting a reversal in repo rate hikes". "Moreover, likely measures from stakeholders, such as longer loan tenu

Need for home ownership drives demand; over 100,000 sale deeds registered for second year on trot in 2022. In fact, registrations were up 9% YoY in 2022, to hit a 10-year high

Mumbai and Pune lead property demand, taking a combined 56% share in overall sales; demand grew sequentially and yearly in all four quarters of the year

Current sales momentum is likely to continue in first quarter of 2023; most of the sales are driven by end-users

Branded real estate developers are likely to capture more than 50 per cent market share in expected total housing sales at record 3.6 lakh units this year across seven major cities, according to Anarock. In his round-up of India's primary residential market for 2022, property consultant Anarock Chairman Anuj Puri has highlighted that housing sales this year would be over 3.6 lakh units across the seven cities, surpassing the previous high of 3.43 lakh units in 2014. The seven cities are Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune. Among the new trends, Puri said the demand was driven by end-users and the Grade A developers have cornered more market share. "Demand, driven primarily by end-users, was mainly focused on projects by Grade A developers, who gained even more market share in 2022," he said. About 60 per cent of the 2.65 lakh units launched during January-September 2022 was by branded developers. Puri noted that these brand

Housing sales in Gurugram jumped more than three-fold on an annual basis to 24,482 units during January-September this year on higher demand for residential properties across all price categories -- affordable, mid-income and luxury, according to Anarock. Housing sales in Gurugram stood at 7,725 units in the year-ago period. Noida saw a 52 per cent increase in sales to 5,040 units in the first nine months of this year compared to 3,315 units in the corresponding period of the previous year, as per data compiled by Mumbai-headquartered property consultant Anarock. Sales in Greater Noida rose 46 per cent to 8,651 units during January-September 2022 from 5,925 units earlier. Ghaziabad witnessed a 54 per cent rise in housing sales to 5,395 units from 3,510 units in the corresponding period of 2021. Sales in Faridabad jumped nearly three-fold to 2,890 units from 1,018 units. Overall, Anarock data showed that sales in the Delhi-NCR market more than doubled to 49,138 units during ...

Sowparnika caters to the middle-income/affordable segment with an average ticket size of Rs 50 lakh in a project close to key employment centres and IT Hubs

Total sales in top-7 cities is expected to exceed 360,000 units this year; the previous peak in the year 2014 was 343,000 units