Residential units purchases in plots and villas have increased now in Chennai etc!!
Posted on: 16/Jul/2022 9:40:33 AM
The demand for larger houses has become more now and the confidence of the buyer has also increased. This was witnessed mostly in the places like Delhi NCR and in Mumbai where many persons purchased apartments above Rs 1.5crores.
The sensational piece of information is that there has been 270percent increase in the residential sales in Q2 2022 from April to June with respect to Rs 1.5crore tag. It is worth mentioning here that apartments priced above Rs 1.5 crore had a share of 15% in the quarterly sales in Q2 2022. In the quarter, the apartments in the price bracket Rs 50lakhs to Rs 75 lakhs had a larger share of 28% in the sale. Two important cities in India like Bangalore and Pune showed majority of city sales in the category of Rs 50 to RS 75 lakhs.
In Q2 2022, the residential market recorded sales of over 53000 units in Q2 and iot was an increase of 171 percent year-on-year as compared to Q2 in 2021. This was with respect to 7 top cities in India.
During the quarter, sales increased by 3percent on a sequential basis. There was a flat sequential growth in Q2 2022 and this was mainly due to the appreciation in the residential rates due to increase in the input costs and interest rates etc. The city of Mumbai has contributed maximum in the sales with 23percent and was followed by Bangalore with 21percent.
During Q2 in 2022, 6013 residential units in plots and villas categories were sold in top seven tier cities across India and majority were witnessed in cities like Chennai, Bangalore and Hyderabad.
There has been a huge demand plus input costs have increased and these have led to appreciation in the prices of residences. The capital values show 3to 7% Y-O-Y increase across all cities except Hyderabad. It must be noted that Hyderabad showed resilience and t clocked double digit price growth in the same period. At higher prices, new launches also grabbed attention. It is now believed that the costs of owning a house would become more as interest rate is in up cycle.
