Report

real estate: People across the country are facing inflation and the rich are becoming richer. At the same time, according to a report by real estate consultant CBRI, the rich of the country are buying property on a large scale. In which, from January to June, an annual increase of 27 percent has been seen in the sale of bungalows worth more than four crores in seven major cities of the country.

Sales of bungalows worth crores increased in six cities including Delhi-NCR

In the last six months, 8500 bungalows have been sold in seven major cities of the country. From January to June, about 3300 bungalows have been sold in Delhi-NCR. In which an increase of 14 percent has been seen within a year. At the same time, 2500 bungalows have been sold in Mumbai with a 14 percent increase in sales. Apart from this, 1300 bungalows were sold in Hyderabad, there was a 44 percent increase in sales. While 100 and 200 bungalows have been sold in Chennai and Kolkata respectively and 1100 bungalows have been sold in Pune with an increase of 450 percent.

$1.56 billion real estate deal

In real estate, 19 deals worth a total of $1.56 billion were struck between April and June, 2024, which is eight times more than the home deals struck in January and March. India's real estate market has seen a lot of activity in the second quarter of this year, according to a report by Grant Thornton. Rising home prices have led to a 94 per cent increase in housing prices in the top 30 tier-2 cities in the last four years. Moreover, according to data analyst company PropEquity, the average offer price of projects in 2023-24 increased by a large percentage over 2019-20.

What did the businessman say?

Chairman of CREDAI NCR and CMD of Gowda Group said, “The increasing demand for bungalows in Delhi NCR proves that people are now investing to improve their lifestyle. We can proudly say that our group is a part of the changing trend. Along with this, the increasing desire of people for luxury properties is having a huge impact on the Indian economy.”

Fond of living a luxurious lifestyle

The director of County Group says, “This growth seen in the real estate market is a positive sign. As people's desire for security and comfortable living increases, those investing and selling real estate want to live a better lifestyle.” The director of Gulshan Group said, “There is a lot of change in the needs and preferences of people amid the increasing demand for luxury homes in Delhi NCR.”

Thus, while lifestyle enthusiasts are buying luxury homes in large numbers, the real estate market is also witnessing a steep rise in sales of bungalows across seven major cities in the country.