Home sales in seven major cities are expected to hit record highs this year as home loan interest rates rise and demand for own residences remains high.
According to a report released by market consulting firm Anarock:
Demand for housing is increasing. If this trend continues, home sales in 7 major cities could touch 3.6 lakh this year. This is the highest ever sale.
Prior to this, in 2014, 3,42,980 houses were sold (only new sales) in seven major cities namely Chennai, Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Bengaluru, Hyderabad and Pune.
Already, house sales have reached 2,72,710 during the last January to September period. With this, the current year’s sales have surpassed the sales of 2,61,360 in the same period before the Corona crisis in 2019.
Despite home loan interest rates rising from 6.5 per cent to around 8.5 per cent, overall home sales in the 7 cities can be expected to touch 3.6 lakh by the end of 2022 as housing demand continues to be strong this festive month, the report said.