Post pandemic, Indian real estate picked up growth momentum, according to Niranjan Hiranandani, Founder & MD of real estate major Hiranandani Group. The veteran realtor also said that the Mumbai realty sector specifically witness a huge upsurge in the sale of immovable assets.
Hiranandani who also hold the profile of National Vice President of industry body NAREDCO is quoted saying, “The demand for residential units continue to remain robust inspite of interest rate hikes and price inflation. This, I think it would grow by over 10 per cent this year as well.” He made the statement in a conversation to a leading business tabloid in India.
According to the data from a realty insight, the sale of housing properties in 2022 leveled up with the total number of units sold in 2014. Last year recorded sales of total 205,900 housing units. It was 50% higher than the sale figure for 2021.
The strong homebuying sentiments across India encouraged developers to launch housing projects across segments.
According to insight, the top Indian cities rose by 42 percent from 2022 to 2021. The figure of newly launched projects rose from 402,000 units compared to 278,650 in 2021. Post demonization, it was the maximum number of project launches, the insight showed.
Based on this insight, the real estate veterans predict that new project launches will rise to over 35% this year.
In the conversation with a leading tabloid, Hiranandani said, “There are major infrastructure projects like the metro ongoing. As these projects complete over the next few years, new micro-markets will open up in and around Mumbai as commuting would become easier. That will boost the real estate development further.”
According to the analysis of Knight Frank, Western suburbs of Mumbai comprised 57 percent share of sale registries in February. Though, the figure witnessed decline to 62 percent in sale registries in March.
(Source: Niranjan Hiranandani shared his views while talking to business today.)*
