There was a tremendous jump in the sale of houses in the top 7 cities, houses were sold in 11% more volume

Housing Sales: The number of people investing in property in India is continuously increasing. In the last quarter, an increase of 11 percent has been registered in the number of residential houses on the basis of volume. This increase has been recorded in the top-7 cities of the country. According to rating agency ICRA, a total of 149 million square feet of residential land has been sold in these top 7 cities in the third quarter, which has been the highest in the third quarter of the last 10 years. On the other hand, if we talk about year-on-year growth, an increase of 11 percent is being registered in the sale of residential land. At the same time, till the first third quarter of the financial year 2022-23, 412 million square feet of land has been sold in these top 7 cities. At the same time last year, till this time, this figure was only 307 million square feet.

In which cities the sale of residential land increased

According to ICRA data, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi and NCR areas and Pune are registering growth in the sale of residential flats. In the financial year 2022-23, from April to December, an increase of 16 per cent and 42 per cent has been recorded in the sale of luxury and medium flats in these cities. Whereas in FY 2020 it was 14 per cent and 36 per cent.

The growth will continue in the financial year 2023-24 as well

ICRA Vice President Anupama Reddy has told that this boom of FY 2022-23 will continue in FY 2023-24 as well. An increase of 8 to 12 percent in residential real estate is expected in this financial year. At the same time, it is expected to be 14 to 16 percent in the financial year 2024. Along with this, people are preferring to invest in bigger houses in big cities.

Along with this, he said that after the continuous increase in the repo rate of the Reserve Bank, home loans have become increasingly expensive. Even after this, people are preferring to invest heavily in property. Along with this, he said that some effect of lack of jobs in the market and rising interest rates can be seen in the real estate sector in the coming times.

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