Real Estate: Amidst the weak global market, there is a boom in home sales in India. The reason for this is being said by the Reserve Bank to maintain stability in home loan interest rates. A research report by real estate consulting company Anarock (Anarock Report On Housing Sale And Price) It has been claimed that between July and September, housing sales in seven major cities increased by 36 percent on an annual basis to a record 1,20,280 units. Whereas last year 88,230 units were sold. The report states that during the July-September period this year, average housing prices in seven cities increased by 11 percent on an annual basis. The highest growth in housing sales in the country was seen in Hyderabad at 18 percent. Anarock underlined that quarterly sales in July-September reached the highest level ever. Anarock Chairman Anuj Puri said Mumbai Metropolitan Region (MMR) and Pune contributed 51 percent to the total sales. He said that the sales have remained good due to the Reserve Bank of India keeping the policy rate unchanged twice. He said that this has kept the housing interest rates stable, due to which the sentiment to buy houses remains high.
Housing sales increased by six percent in Delhi-NCR
According to the data, during July-September 2023, Delhi-NCR (Delhi-NCRHousing sales in India rose six per cent to 15,865 units from 14,970 units in the year-ago period. Housing sales in MMR increased by 46 percent from 26,400 units to 38,500 units during the period under review. Housing sales in Bengaluru increased by 29 percent to 16,395 units from 12,690 units in the same period last year. Sales in Pune increased by a maximum of 63 percent from 14,080 units to 22,885 units. Sales of residential properties in Hyderabad increased by 41 percent to 16,375 units from 11,650 units. In Chennai, it increased by 42 percent from 3,490 units to 4,940 units. Housing sales in Kolkata increased by seven per cent to 5,320 units during July-September this year, from 4,950 units in the year-ago period. Mohit Jain, managing director of Gurugram-based realty company Crisumi Corporation, said there has been strong demand for housing in the last few years mainly due to rising aspiration to buy homes due to rising income levels. This is expected to continue further also.
86 percent residential projects completed: Anarock
Earlier, Anarock had said in a report that with the help of stringent rules under the real estate law RERA, at least 86 percent of the total 1,642 residential projects started between July 2017 and December 2018 in seven major cities were completed. are done. According to property consultant Anarock, these 1,642 projects are registered under the real estate regulatory law RERA. Anarock Chairman Anuj Puri said that RERA has helped a lot in timely completion of residential real estate projects. He said the overall completion rate of 86 per cent in the top seven cities in one and a half years after the implementation of RERA is remarkable, especially considering the market conditions before its implementation. The Real Estate (Regulation and Development) Act 2016, also known as RERA, was passed in Parliament in March 2016. Some sections of RERA were notified from May 1, 2016 and the remaining sections from May 1, 2017. Under this, it is mandatory to register projects (above 500 square meters and above eight apartments) under RERA before starting them.