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Indian Domestic Real Estate Sector Sees Fresh Signs of Recovery.

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Indian Domestic Real Estate Sector Sees Fresh Signs of Recovery.

  • 29 May 2023

Despite rising inflationary trends, increasing house loan borrowing rates, and a worse global economy, the Indian real estate market is shown indications of resiliency. According to a survey, the industry has significantly recovered, with house sales exceeding 73% of new launches in nine of India's top areas.

Strong real estate sales suggest that developers are making a concerted effort to complete and deliver announced projects on schedule. According to the research, house sales in India's top areas in Q4 2022 amounted for 69,349 newly launched units, a decline of 30% from Q4 FY21 at 98,735 units. The number of homes sold in the top 9 areas in Q4 2022 was 1,20,275 units, up from 1,09,464 units in the same period of FY2021.

On a year-over-year basis, Mumbai had a 22% growth in residential property sales, followed by Navi Mumbai at 23% and Hyderabad at 24%. Only Chennai and Delhi-NCR experienced a decrease in sales, by 2% and 7%, respectively. Comparing October to December 2022 to the same time in the previous fiscal year, house sales overall increased by 10%.

Home sales have increased in the current fiscal year despite difficulties in the real estate market. Despite rising mortgage loan amounts, there has been a rise in demand for residential property because buyers anticipate property appreciation and increased demand from end users. With few new releases in Tier 1 cities, India is experiencing strong sales of residential real estate, with Q4 CY'22 sales being the highest in the most recent quarter. In the upcoming months, new product introductions are anticipated since existing stock is selling more quickly than anticipated.

On a year-over-year basis, home sales increased in Pune, Thane, Hyderabad, Bengaluru, Mumbai, Navi Mumbai, and Kolkata in Q4. The only two regions that had a decrease in home sales were Delhi NCR and Chennai, with a dip of 7% and 2%, respectively.

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