Festive season-backed boost to economic activity in the country has had a significant spillover impact towards the realty market, lighting up the sales books of several developers. According to a report from Anarock, housing sales grew over 40 per cent across seven major cities in Q3 2022, compared to the corresponding quarter of last year. Predictions for the fourth quarter are also bullish, owing to the positivity from the festive season imbued into the market. The festive spirit has strengthened the sentiments of potential house buyers. To capitalise on people’s inclination to invest in realty, developers have also rolled out several discounts and freebies.
According to the Anarock data, a total of 88,230 units were bought across the top seven cities in India in Q3 2022. This marks a 41% annual increase and a 4% quarterly rise. In comparison, Q2 2022 saw an estimated 84,930 residential units sold across these cities. The number was 62,800 in 2021 for the corresponding period of 2021.
Q3 this year also witnessed the launch of 93,490 units, up by 14% from the 82,150 units launched in Q2. Mumbai Metropolitan Region led in the number of new units launched, with 36,000 houses launched in Q3. It was followed by Hyderabad, where 15,530 units were launched in the same period.
The positivity from Navratri, Dhanteras, and Diwali has generated widespread interest in property acquisition among people. Despite the increase in repo rate by the Reserve Bank of India (RBI), which has directly translated into increased rates of interest on bank loans, people are keen on investing in the residential sector.
Speaking to the news agency ANI about the lure of festive deals, Ashok Singh Jaunapuria, the MD and CEO of SS Group, said that the consistently rising rate of residential real estate, coupled with the ballooning demand for spacious homes, means that potential buyers are looking to lock in the best deals. “The real estate scenario has strengthened in the past few years for all those developers who have a legacy of delivery and have launched products according to the market demand. The festive quarter will only bolster its momentum,” Jaunapuria opined.
A combination of religious sentiments about auspicious timing to invest in assets and the lucrative deals offered by developers has helped the realty market recover greatly. The pent-up demand is likely to bolster sales in the last quarter of 2022 as well. Even retail leasing in India grew by 166% year-on-year.
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