Sales of residential units at a four year high: Knight Frank India : Rashtra News
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Sale of residential units for the three months of January-March was at a four-year high with 78,627 units sold across top eight Indian cities despite the third wave, according to Knight Frank India report released on Monday. This was 9% higher on a year-on-year basis.
While Mumbai recorded the largest volume in sales at 21,548 units in the first quarter of 2022 (calendar year), a decline of 9% y-o-y, Delhi&NCR recorded the highest y-o-y growth in sales volume of new homes at 123% to 15,019 new homes, making it the second largest market by volume. Bengaluru, which was the third largest residential market by sales volume, also registered a y-o-y growth of 34%, with sales of 13,663 new units between January and March. Ahmedabad, albeit on a lower base, also grew at an impressive 34% y-o-y with sales of 4,105 units.
In the same period, new property launches were recorded at 78,171 units, registering a growth of 3% y-o-y over same time last year. Mumbai recorded the largest volume of new units launched at 23,558 between January and March 2022. NCR with a substantial rise of 692% y-o-y, recorded fresh launches of 12,880 units.
The average capital values of residential properties have increased as demand continued to strengthen. All cities posted a y-o-y growth in per square foot (sq ft) prices during Q1 2022. Prices grew the most in Bengaluru at 7% y-o-y followed by Pune and Mumbai at 5% and 4% y-o-y. respectively during the period.
Shishir Baijal, chairman and managing director, Knight Frank India, said, “The growth in the residential market has been impressive for the key markets of India over the last few quarters, as a result of a strengthening economy as well as individual financial confidence. Low interest rates, best affordability levels, healthy wage growth and the waning pandemic with lower risk of further disruptions have created a favourable environment for homebuyers who have rediscovered the need for new and better housing”.
Anarock and PropTiger had released their data for residential markets last week. Anarock said that housing sales across seven cities increased 71% y-o-y in January-March to 99,550 units across seven cities, while PropTiger reported that sales increased 7% y-o-y to 70,623 units during January-March across eight major cities.
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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a www.financialexpress.com feed.)
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