look news india
The boom that was seen in the real estate sector is now slowly cooling down. According to a report, there has been a sharp decline in the sale of houses in seven major cities of the country and it has fallen drastically compared to the previous quarter. The reasons have also been mentioned in the report. If you are thinking of buying a house, then you will also be shocked. The report gives data for the first quarter of 2024 i.e. from April to June.
A report released on Thursday quoted real estate consultant Anarock as saying that home sales in seven major cities of the country grew by five percent year-on-year to about 1.2 lakh in April-June. But due to the increase in prices, there has been an eight percent decline in demand compared to the previous quarter. These housing market figures are for the April-June quarter.
Sales increased compared to last year
According to Anarock, home sales in seven major cities are expected to grow 5 per cent year-on-year to 1,20,340 units in April-January 2024 from 1,15,090 units in the same period a year ago. However, sales are expected to decline by 8 per cent compared to the January-March quarter. 1,30,170 units were sold in the January-March quarter.
What is the reason for the decline in sales?
According to Anuj Puri, Chairman, Anarock, the decline in residential home sales on a quarterly basis is due to the significant increase in property prices over the year. Delhi (NCR), Mumbai (MMR), Bengaluru, Pune, Hyderabad have seen an increase in sales on a year-on-year basis. While demand has declined in Chennai and Kolkata.
prices are rising
A media report quoting real estate consultancy Colliers India and data analytics company Liases Foras said that property prices are rising continuously in eight major cities of the country. In just 3 months, prices have risen by 19 percent. Bengaluru witnessed the highest increase in prices at 19 percent. Delhi NCR saw 16 percent and Ahmedabad and Pune saw 13 percent. Apart from this, prices have risen by 9% in Hyderabad, 6% in Mumbai and 7% in Kolkata while Chennai saw a 4% increase.