The residential sale in 2022 rose by manifolds to 2021, the recent report shows. The sales figure stood at 3, 64,000 last year while the number was 2, 36,500 in 2021.
The demand for residential properties in the mid and premium segment witnessed a surge as the number of wealthy individuals increase last year. A recent report by Anarock, a property consultant, states that the Mumbai Metropolitan Region and Delhi-NCR (National Capital Region) have strong sales sentiments. As per the current trend, the demand for residential units will remain high in these cities despite the rise in interest rates and property prices.
According to recent data by Anarock, the housing sale jumped to 54% in 2022 from 2021. The top seven cities with positive sales outcomes are Delhi-NCR, Mumbai Metropolitan Region, Chennai, Kolkata, Bengaluru, Hyderabad, and Pune.
A real estate expert said, “The realty market is constantly evolving. Strong and positive momentum will continue to prevail due to the stable structure basis and increased demand. A favorable economic outlook will contribute to the market’s improvement”.
Vivek Rathi, Director of Research, Knight Frank India is quoted saying, “The biggest market in the country, from the sales volume aspect, are Mumbai-MMR, Delhi-NCR region, and Bengaluru.” He further said, most of these markets are maintaining a strong growth trajectory this year on account of strong buyer sentiment, supportive affordability level, and resilient economic environment in the country.
Another real estate veteran said that the housing units ranging in the mid and premium segments are performing well in these cities. Well-planned infrastructure and seamless connectivity are some of the pivotal features which contribute to the growth of housing demand in these cities.
Vivek Rathi, Director of Research, Knight Frank India was quoted saying, increased economic traction in the Ahmedabad, Surat, and Vadodara region coupled with relatively lower property costs and infrastructure bandwidth has been key considerations. He further said that as an evolving market, the realty sector is doing well in the city.
Ahmedabad is also witnessing robust development, as financial sector corporates are showcasing interest in the well-emphasized GIFT CITY here. The coming in of various IT, manufacturing BSI, and startups in the city also increases demand for residential units. The necessity for spacious homes with dedicated work-from-home spaces and tech-enabled places is taking Indian real estate a notch above.
