Apartment sales reach 15-year record in 7 cities of the country, know why now is the right time to buy a house

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Real Estate: If you are thinking of buying your dream house in the new year, then there is an important news for you. Apartment sales in seven major cities of the country are likely to grow by 20 percent to reach 2.6 lakh units in 2023 due to better demand. This information was given in a report released on Thursday by real estate consulting company JLL India. This figure will be the highest since 2008. 2,15,621 apartments were sold last year in seven major cities – National Capital Region (NCR)-Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bengaluru and Pune. JLL India said that apartment sales in the first nine months of 2023 stood at 1,96,227 units, compared to 1,61,575 units in the same period last year. This report contains only apartment figures. Mumbai includes Mumbai city, Mumbai suburbs, Thane and Navi Mumbai. The company expects residential sales to be between 2,90,000 to 3,00,000 units next year amid huge demand.

Extensive changes in real estate

Samantak Das, head of research and chief economist in India at real estate advisory company JLL India, said that despite the increase in home loan interest rates and rising prices, the overall sentiment in the domestic housing segment remains positive and the attitude of home buyers remains upbeat. He said residential sales could cross 2,60,000 units in 2023. During this period, 2,80,000 units can be introduced. In this way it will reach historical high level after 2008. Akhil Saraf, founder of HDFC Capital-backed Reloy, said on this report that there has been a massive change in the real estate industry in recent years. This involves a change in the mindset of both regulatory and supplier-consumers. Experts expect that the real estate sector will reach a new high in the year 2024. Demand for houses will also increase. It is expected that the demand for luxury homes will increase compared to small homes.

House in Mumbai costlier than Sydney

Releasing the ‘Key Global Cities Index for Q3 2023’ on Wednesday, Knight Frank India said the average price of prime residential or luxury homes in Mumbai, Bengaluru and New Delhi has increased in the July-September quarter. According to the consultancy’s Prime Global Cities Index, the value of residential markets in 46 cities globally was tracked. In this, price increase of 21.2 percent was seen in Manila. After this, Dubai was at 15.9 percent and Shanghai was at 10.4 percent. Knight Frank said Mumbai recorded the fourth highest year-on-year growth in prices of prime residential properties in the third quarter of 2023. With this, Mumbai has jumped 18 places from 22nd place in the same quarter last year with a growth of 6.5 percent. New Delhi and Bengaluru have also increased in the index. The National Capital Region (NCR) moved up to 10th position in the index with a growth of 4.1 per cent compared to 36th position in the same quarter last year.

Why now is the right time to buy a house

• Repo rate stable at 6.5%

  The RBI’s decision to keep the repo rate steady at 6.5% presents a profitable opportunity for home buyers this festive season. Pramod Kathuria, Founder and CEO, EasyLoan, said the unchanged repo rate is a festive gift for home buyers, as it gives them another opportunity to buy a home at the optimal cost. Kamaljit Rastogi, chief executive officer, Sahibank, points out that despite short-term volatility, the real estate market is historically on an upward trend, which means buying a home now can be a good investment for the future. This festive season is best for buying a house.

• strong economic growth

  Despite rising EMI costs, strong economic growth, increasing urbanization and government incentives are driving growth in India’s home loan market. Despite EMI being expensive, the demand for home loans is expected to increase due to the festive season. Demand for affordable housing is also expected to remain strong during the festive season. This is because developers are focusing on affordable housing projects, and the government is also providing incentives for affordable housing. Kamaljit Rastogi, chief executive officer, Sahibbank, operated by Manipal Business Solutions, said government initiatives like Pradhan Mantri Awas Yojana (PMAY) and other schemes will also promote affordable housing, which will support strong demand.

• favorable market trends

  The retail sector market appears quite positive for consumers. Which gives an impression of the prosperous health of the economy. In such a situation, you will not have to face any problem in investing money to buy a house.

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