The housing market in the nation is experiencing an unparalleled boom. More than 70.000 homes were sold in the March quarter of the previous year. When compared to the March quarter of the previous year, this is almost 40 percent greater than the sales in the March quarter, up approximately 13 percent.
Sales of homes increased by 40% in the March quarter, reaching a 4-year high.
The luxury home market, where sales are at a four-year high, is experiencing the strongest increase.
Affordable house sales increased by 27% over the prior quarter, according to research from the American real estate investment company CBRE Group. However, compared to the segment's 16 percent rise in the December quarter, high-end house sales increased by 23 percent in the most recent quarter. It's interesting to note that sales of mid-sized homes (priced between Rs 40 and Rs 80 lakh) fell by 41% in the March quarter.
IN THE UPCOMING QUARTERS, SALES AND NEW PRODUCT INTRODUCTIONS WILL RISE
The housing market will continue to increase rapidly for the remainder of the year, as it did in the March quarter. According to CBRE CMD Anshuman Magazine, the residential industry would experience significant expansion in 2022. In the upcoming quarters, sales will rise in addition to an increase in new releases. This is due to the government's ongoing backing of the housing industry while the economy is recovering.
ALL PREVIOUS SALES RECORDS FOR LUXURY HOMES WILL BE BROKEN THIS YEAR
According to joint research by Sotheby's International Realty and CRE Matrix, sales of luxury residences in India would shatter all previous records this year. The research claims that in 2021, sales of flats in Mumbai costing more than Rs 10 crore and apartments in Pune costing more than Rs 5 crore reached their greatest levels in the previous four years. According to CRE Matrix data, 1,214 luxury houses were sold in Mumbai last year worth Rs 20,255 crore. In comparison, in 2018, 598 luxury houses worth Rs 9,872 crore were sold in the country's financial capital. Similarly, 208 luxury houses worth Rs 1,407 were sold in Pune last year. In comparison, four years ago, 127 luxury houses worth Rs 832 crore were sold in this city.
The future of real estate is the luxury infrastructure is booming. It is estimated that 67% HNIs are expected to buy a home this year. Corona has altered not just peoples' lifestyles but also how businesses are conducted. Since Covid, the desire for large, opulent homes has been steadily rising. This year, the market for luxury homes might reach unprecedented heights. Business families, entrepreneurs, and elite luxury housing CEOs. It costs millions of rupees. According to real estate businesses, Mumbai and Pune had the biggest sales of luxury homes in the previous four years, and this new trend in 2022 out of the top 7 cities in the nation.
The percentage of luxury houses in all home sales increased to 12 percent in the first quarter of this year from 73 percent in the same period of 2019 according to a survey by real estate consultancy Anarock. The sum was the biggest in the previous three years. In addition to low borrowing rates and steady pricing, the increased demand is mostly driven by the desire to better one's lifestyle. The sales of luxury homes are increasing at the fastest rates in Mumbai, Delhi, and Pune. According to a poll conducted by the luxury real estate company Sotheby's International Realty, 67% of HNIs (Very High-Income Group) plan to buy a home this year.
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