{"id":30748,"date":"2022-10-10T12:00:55","date_gmt":"2022-10-10T05:00:55","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=30748"},"modified":"2022-10-10T01:52:45","modified_gmt":"2022-10-09T18:52:45","slug":"india-sees-surge-in-home-sales-top-cities-include-mumbai-and-bengaluru","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/india-sees-surge-in-home-sales-top-cities-include-mumbai-and-bengaluru\/","title":{"rendered":"India sees surge in home sales, top cities include Mumbai and Bengaluru"},"content":{"rendered":"

Both demand and supply of properties have grown during the quarter ending in September despite rising interest rates<\/span><\/p>\n

\"\"
The 21,450 residential units sold in Mumbai represented 29 percent of overall sales in the top eight markets. Sunil Purushe\/Shutterstock<\/figcaption><\/figure>\n

It was recently reported that home sales in India\u2019s eight major residential markets, including Bengaluru and Mumbai, went up 40 percent in the first three quarters of 2022, reaching 232,396.<\/span><\/p>\n

In Q3 2022, home sales expanded at an annual rate of 15 percent, reaching 73,691 units, up from 64,010 units the year before.<\/span><\/p>\n

According to <\/span>Outlook<\/span><\/a>, the 21,450 residential units sold in Mumbai represented 29 percent of overall sales in the top eight markets. Bengaluru had the second-highest sales volume in Q3 2022, selling 13,013 units.<\/span><\/p>\n

Both demand and supply of properties have grown during the quarter ending in September despite rising interest rates, reported <\/span>The Economic Times<\/span><\/a>.<\/span><\/p>\n

More: Luxury properties in India gain traction, piquing interest from HNIs and NRIs<\/strong><\/a><\/p>\n

Moreover, the Magicbricks PropIndex showed that aggregate demand increased by more than 7.3 percent along with a six percent growth in supply. Also, during this period, buoyancy in demand for residential properties resulted in a 9.1 percent YoY and a two percent sequential rise in housing prices.<\/span><\/p>\n

In an exclusive interview with <\/span>Financial Express<\/span><\/a>, Angad Bedi of BCD Group talked about how rising interest rates have affected residential sales.<\/span><\/p>\n

He mentioned how the upcoming festive season is expected to see record-high sales of housing properties. This is said to be driven by pent-up demand, along with strong consumer sentiment.<\/span><\/p>\n

Angad also emphasised that the country\u2019s economy remains resilient and that real estate is still a favoured asset class among potential buyers.\u00a0<\/span><\/p>\n

Additionally, surveys show that businesses will be offering double-digit wage increases in 2022. Therefore, despite the growth in interest rate and a slight increase in property costs, people are still adamant about wanting to own a home. Developers are also providing a variety of properties in both the budget and luxury segments as they recognise this surge.<\/span><\/p>\n

Ultimately, despite the interest rate hike, there is a huge chance that India\u2019s housing market will thrive in the years to come.<\/span><\/p>\n

The Property Report editors wrote this article. For more information, email: propertyreport@propertyguru.com<\/a>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

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