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Tuesday, December 6, 2022

Despite inflation and increased interest rates, real estate demand is growing this holiday season

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  • according to an Anarock report, a whopping 2.73 lakh units have already been sold in 2022 between January and September.
  • “Inflation and rate hikes couldn’t dampen the vibrant sense of home ownership across the country,” he said Rahul Purohit from square yards.
  • Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad and NCR have remained the most active housing markets in 2022 so far, both in terms of new launches and home sales.

The real estate sector is counting on the demand momentum it has seen over the past nine months to continue despite higher interest rates and biting inflation. Demand for housing has gradually recovered after successive lockdowns during the pandemic, with buyers looking for larger homes. Non-resident Indians have also been active since the start of the pandemic. The hope is held on demand, even during the holiday season.

“With real estate prices set to rise in the coming months due to the rise in input costs, real estate demand has accelerated in the months leading up to the holiday season as home buyers now look to take advantage of the opportunity. With better-than-expected monsoon sales this year, We have a great festive season and record sales ahead,” Rahul Purohit, head of national sales, Square Yards told https://londonbusinessblog.com/ India.

According to an Anarock report, as many as 2.73 lakh units were sold from January to September in 2022. That is no less than 87% more than in the same period in 2021.

“Inflation and rise in interest rates couldn’t detract from the vibrant homeownership feeling across the country as people are more confident in real estate investment today than they used to be,” Purohit added.

With the work-from-home culture still prevalent, customers prefer spacious homes in 2BHK and 3BHK configurations as they want more space for recreational purposes.

Home buyers are looking for turnkey mid-range and premium homes in gated communities with huge open spaces, health and wellness amenities, and open floor plans.

“This housing demand is expected to exceed pre-Covid levels during this holiday season,” Purohit said.

Rising income and employment levels, increases in purchasing power, the need for financial and emotional security, the desire for larger homes with improved amenities and the favorable reason to buy a home during the holiday season have led to a sharp rise in the demand for housing.

The festive quarter would also be the best performing season in the real estate sector. “If we consider the trends from 2018, we can broadly say that the festive quarter (Oct-December) was the best performing quarter in the respective years, except for 2019,” he said. Anuj Puricchairman at Anarock Group.

Banks have also launched festive offers, such as. As part of its celebratory bonanza, SBI is offering concessions of up to 0.25% on home loans, 0.15% on supplemental loans and 0.3% on real estate loans. It has further softened the deal by waiving the home loan processing fee until January 31, 2023.

Demand for mid and premium homes remains strong


According to Puri, the houses in the middle and premium segment with a price between ₹40 lakh and ₹1.5 crore will continue to operate in the coming quarters.

“There is a real demand for housing on the market and the end users are driving this demand,” said Puri.

Premium and luxury segments are also outperforming pre-Covid times due to rising living standards for home buyers and the need for larger homes.

Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad and NCR have so far remained the most active housing markets in 2022 both in terms of new launches and home sales.

In terms of new launches, there was a 63% increase in the first nine months of 2022 over the same period last year, according to the Anarock report. Last year, in the first 9 months, a staggering 1.63 lakh units were launched while this year, 2.65 lakh units were launched in the top 7 cities. This clearly shows the strong dynamism in the housing sector.

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