Demand for luxury homes in India broke six-year record between July and September, 82,612 houses sold in eight cities.

India Real Estate Q3 2023: The sale of houses in the country has been continuously increasing since the Corona infection. India’s economy is being strengthened by the boom in the real estate sector. In a report by Knight Frank, a big report has been presented regarding the sale of houses in India. It has been said in the report that for the first time between July to September quarter, the sale of expensive houses costing more than Rs 1 crore (Demand of Luxury Homes) has become more than the houses priced below Rs 50 lakh. Also, the report states that due to strong demand in eight major cities of the country, home sales have increased by 12 percent year-on-year to 82,612 units in the July-September quarter. This is the highest quarterly sales figure in six years. This information has been given in a report by Knight Frank. In the same period a year ago, sales of residential units in eight major cities stood at 73,691 units.

Fewer houses sold in Bengaluru

Knight Frank India’s report released on Wednesday said that this figure is important because quarterly sales have reached the highest level in six years. According to the data, home sales in Mumbai increased by four per cent to 22,308 units during the July-September quarter as against 21,450 units in the same period a year ago. During the period under review, housing sales in Delhi-NCR increased by 27 percent from 11,014 units to 13,981 units. Residential property sales in Bengaluru rose marginally to 13,169 units from 13,013 units, while in Pune sales increased 20 per cent to 13,079 units from 10,899 units. Home sales in Hyderabad increased by five per cent to 8,325 units from 7,900 units and in Ahmedabad it increased by six per cent to 4,108 units from 3,887 units. Sales in Chennai increased five per cent to 3,870 units from 3,685 units, while sales in Kolkata more than doubled to 3,772 units from 1,843 units.

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House prices increasing in line with demand: Report

Knight Frank said that in line with demand, house prices have also increased on an annual basis in all markets. House prices in Hyderabad increased the most on an annual basis by 11 percent. Prices of residential properties increased by seven percent in Kolkata, six percent each in Bengaluru and Mumbai, five percent in Pune, four percent each in Ahmedabad and Delhi-NCR and three percent in Chennai. Shishir Baijal, Chairman and Managing Director of Knight Frank India, said that the pace of home sales continues and has reached its highest level in many years. To meet the strong demand, builders are starting new projects due to which the supply of houses is also strong. The overall health of the real estate market is improving amid better sales figures.

86 percent residential projects completed: Anarock

Let us tell you that in a recently released Anarock report, it was said that with the help of strict rules under the real estate law RERA, out of a total of 1,642 residential projects started between July 2017 and December 2018 in seven major cities, at least At least 86 percent has been completed. According to property consultant Anarock, these 1,642 projects are registered under the real estate regulatory law RERA. Anarock Chairman Anuj Puri said that RERA has helped a lot in timely completion of residential real estate projects. He said the overall completion rate of 86 per cent in the top seven cities in one and a half years after the implementation of RERA is remarkable, especially considering the market conditions before its implementation. The Real Estate (Regulation and Development) Act 2016, also known as RERA, was passed in Parliament in March 2016. Some sections of RERA were notified from May 1, 2016 and the remaining sections from May 1, 2017. Under this, it is mandatory to register projects (above 500 square meters and above eight apartments) under RERA before starting them.

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