Even as interest rates on home loans by banks continue to rise, India’s real estate market continues to boom. Over the past 10 years, more homes have been sold in one quarter.
In a statement released by real estate consultant firm Anarock, it has been stated that:-
In 7 leading cities of India, 1 lakh 13 thousand 770 houses were sold during January to March this year. During the same period last year, 99 thousand 550 houses were sold. Home sales have increased by 14 percent compared to last year.
In particular, Mumbai and Pune alone contributed 48 percent to the total house sales. In Mumbai alone, house sales have increased by 19 percent. Last year, during January-March period, 29,130 houses were sold. 34,690 houses have been sold this year. Only in the suburbs of Delhi did house sales decline. The first quarter of 2022 and the first quarter of the current year are successful.
Anarog Chairman Anuj Puri said,
Most homes sold in the first quarter in the past decade. In particular, demand for houses worth Rs 1.5 crore has increased significantly. The current environment will be challenging in the short term.
Continued rise in inflation and the possibility of the RBI raising the repo rate again are likely to boost the housing market in the coming two quarters.
May inhibit growth
This is what he said.