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- Affordable credit, increase in jobs; Home purchases double, exceed pre-Covid levels, property advisory Anarock reports for July-September 2021 quarter
7 hours ago
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Foreign investment in India’s real estate sector may reach record levels in 2022.
The positive effect of low home loan interest rates and increasing jobs in the IT and allied services sector has started showing the positive effect on home purchases. In the July-September quarter this year, there has been a doubling in home purchases and 62,800 homes have been sold in 7 major cities of the country. The good news is that this sale has exceeded the pre-Covid level.
The latest report by property consultant Anarock shows that 29,520 units were bought in the same quarter of 2020 across 7 major cities. At the same time, 55,080 units were sold before the Corona period i.e. in July-September 2019 and 52,130 units in the same quarter of 2018. In the April-June 2021 quarter, 24,560 houses were purchased.
30% jump expected in 2021
Earlier, Anarock had estimated sales of 1,79,527 homes in 7 cities with a 30% YoY jump. Last year in 2020, 1,38,344 houses were sold. Before Corona, in the year 2019, 2,61,358 houses were sold in 7 major cities.
Knight Frank claims – $ 2.5 billion will be invested in real estate in 2022
Knight Frank has claimed in the latest report that foreign investment in India’s real estate sector may reach a record level in 2022. This figure could be Rs 18,500 crore ($ 2.5 billion). US, UK, Germany, France, Netherlands will be the top investment countries.
Sold more than double in Mumbai, Pune, Hyderabad, Chennai and Kolkata
Units sold in the July-September quarter.
(64,560 new homes were sold in the seven cities this quarter. This was 32,530 in the same quarter of 2020. That is, 98% more houses were completed.)
Demand because… job, own house
- Housing demand is largely driven by growth in the IT and allied services sector.
- Job security and record low home loan rates have fueled demand for homes.
- The sentiment to buy own home has strengthened.
- Due to the increasing trend of work from home, people are preferring to take big flats or big houses.
Meanwhile – home prices also rose 3%
According to the report, the prices of houses have also increased by three per cent. Home prices touched Rs 5,760 per sq ft in the July-September 2021 quarter. It was Rs 5,600 sq ft in the same quarter last year. That is, about 3%.