Housing demand not affected despite costlier home loans and sharp rise in house prices

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Housing demand not affected despite costlier home loans and sharp rise in house prices

Real Estate Sector In India: The financial year 2022-23 has been great for the real estate sector. In terms of the housing sector, houses worth Rs 3.47 lakh crore have been sold in seven major cities in the last financial year, which is 48 per cent more than in 2021-22. This increase in the sale of houses has come when there was an increase in interest rates on maximum home loans in 2022-23, as well as a sharp jump in property prices.

According to real estate consultant Anarock, there was a sharp jump in housing demand in 2022-23, while prices also increased during this period. In 2021-22, there were total sales of houses worth Rs 2,34,850 crore, which has increased to Rs 3,46,960 crore in 2022-23. In terms of the number of houses, a total of 2,77,783 houses were sold in 2021-22, which increased to 3,79,095 units in 2022-23. Anarock Group Chairman Anuj Puri said, the housing segment of India’s real estate sector is showing steady growth.

According to the data, housing sales in Delhi-NCR are expected to increase by 42 per cent to Rs 50,620 crore in 2022-23 from Rs 35,610 crore in 2021-22. Housing sales in the Mumbai Metropolitan Region (MMR) were Rs 1,14,190 crore in 2021-22 and Rs 1,67,210 crore in 2022-23. That is, a jump of 46 percent has been seen. The MMR region’s share in total housing sales has been 30 per cent.

A total of Rs 26,100 crore of houses were sold in Bengaluru in 2021-22, which was Rs 38,870 crore in 2022-23 with a jump of 49 per cent. In Pune, sales of houses worth Rs 33,730 crore have been done in 2022-23 with a jump of 77 per cent in 2022-23 as against Rs 19,100 crore in 2021-22. In Hyderabad, houses worth Rs 34,820 crore were sold in 2022-23 as against Rs 23,190 crore in 2021-22, which is 50 per cent more. In Chennai, there were sales of houses worth Rs 8,940 crore in 2021-22, which was Rs 11,050 crore in 2022-23 with a jump of 24 per cent. In Kolkata, sales of houses worth Rs 10,660 crore have been done in 2022-23 as against Rs 7,720 crore in 2021-22, which is 38 per cent more.

The surprising thing is that the housing sector of India is completely untouched by the rise in the cost of home loans and prices. After increasing the repo rate of RBI from 4 per cent to 6.50 per cent, all banks and housing finance companies increased the interest rates on home loans. So due to the rise in commodity prices, the builders have made the house costlier, yet there has been a record jump in the housing sales.

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