Home Loan: Increase in interest rate, even then the sale of houses is increasing, have you heard the figures of new supply? – interest rate increased even then sale of flats is increasing, know the figures of new supply
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If the demand increased, the supply also increased
According to PropTiger.com’s Real Insight Residential Report, the top eight residential markets in India showed strong performance during the January-March period this year. These markets registered strong growth in both sales and new deliveries of 22 per cent and 86 per cent respectively. Sales in these eight cities increased to 85,850 units during January-March 2023 from 70,630 units in the year-ago period. New launches in these eight major cities grew by 86 per cent to 147,780 units from 79,530 units, the highest in the quarter.
Hyderabad leads in sales
According to this report, the sale of houses in Hyderabad increased by 55 percent during January-March. The number increased to 10,200 as against last year’s 6,560 units. Sales in Maharashtra’s two major markets, Mumbai and Pune, grew by 39 per cent and 16 per cent, respectively. In Mumbai, the sales of residential properties are expected to touch 32,380 units in the first quarter of 2023 as compared to 23,370 units in the same quarter last year. Residential sales in Pune rose to 18,920 units in the first quarter of 2023 calendar year, from 16,320 units in the year-ago period. Housing sales in Ahmedabad grew by 31 per cent to 7,250 units in January-March 2023 from 5,540 units in the year-ago period. Sales of residential properties in Chennai increased by 10 per cent to 3,630 units from 3,290 units.
Weak performance in Delhi NCR
The residential market in Delhi-NCR, Kolkata and Bengaluru remained weak during this period. The first quarter of 2023 saw a decline in demand for the property on an annual basis. In Delhi NCR, housing sales declined 24 per cent to 3,800 units in March as against 5,010 units in the same period last year. Sales in Bengaluru declined by 3 per cent to 7,440 units from 7,680 units. Housing sales in Kolkata declined by 22 per cent to 2,230 units in January-March 2023 from 2,860 units in the same period last year.
Mumbai Leader in New Supply
Unlike sales, there has been an increase in the number of new launches in all the eight cities. A total of 1,47,794 units were launched in the first quarter of 2023, a record number for the quarter. This is an increase of 86 per cent on an annual basis. Mumbai continues to lead in terms of new supplies. The city accounts for 41 per cent of the total new launches in the first quarter of 2023. Maximum new deliveries in Q1 2023 were concentrated in the Rs 45-75 lakh price bracket, which accounts for the highest (32 per cent) share in total launches. Whereas units with a price range of more than Rs 1 crore accounted for a significant share of 29 per cent in the new supply.
the market is showing different signals
Vikas Wadhawan, Group CFO, PropTiger.com says that the Indian housing market is witnessing strong growth. Both sales and new launches have been on the rise during the period under review. This is remarkable considering the challenging global environment and the tightening interest rates on home loans in the domestic market. The report notes that strong double-digit growth of 22% in residential sales during the first quarter of 2023 reflects the continued momentum of sales despite these constraints. It is giving a different but positive message. He says that the spurt in new launches also provides proof of real estate developers’ confidence in the market and their commitment to meet the rising demand.
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