Tag: housing

Unsold housing stock falls 12% in last 5 years to 6.27 lakh units: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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With a significant rise in housing sales post-COVID, real estate consultant Anarock has said unsold homes with developers across seven major cities fell 12 pc in the last five years, and time needed to clear these inventories have come down by half to just 20 months.

In its latest report, Anarock said unsold housing stocks have declined 12 percent to 6,26,750 units at the end of January-March this year from 7,13,400 units as of March 31, 2018.

More importantly, Anarock said, inventory overhang (estimated time developers need to clear unsold inventories at current sales velocity) fell to 20 months from 42 months at the end of March 2018.

Also read: Rising India: Hardeep Puri credits Modi govt for 9-fold increase in affordable housing construction

An inventory overhang of 18-24 months is normally considered healthy.

Anarock Chairman Anuj Puri attributed the drop in unsold stocks and inventory overhang to a surge in housing sales.

In Q1 of 2023, the top 7 cities recorded all-time high sales of more than 1.14 lakh units.

“Strong home-ownership sentiment, relatively lower home loan rates, strong momentum in luxury housing, and the anticipation of further price hikes were major factors in boosting housing sales,” Puri observed.

“As per the data, Delhi-NCR remained the frontrunner in reducing overall inventory overhang in the last five years – from 66 months in Q1 2018 to 23 months in Q1 2023”.

During the last five years, in Mumbai Metropolitan Region (MMR), the inventory overhang has shrunk to 21 months from 55 months.

Bengaluru currently has the lowest inventory overhang of 13 months.

Hyderabad’s inventory overhang was reduced to 21 months from 23 months.

Pune builders will require 20 months to sell unsold stocks against 40 months five years ago.

Also read: Real estate demand in Bengaluru, Chennai, Hyderabad rising as macro economic scenario weighs on Mumbai, NCR

Chennai too saw a drop in its inventory overhang to 20 months from 36 months.

Kolkata’s residential inventory overhang has dropped from 46 months in Q1 2018 to 20 months as of Q1 2023-end.  Commenting on the drop in unsold stocks, Signature Global Chairman Pradeep Aggarwal said, “About 7-8 years ago, there existed a mismatch between the demand and supply in the real estate industry prior to regulatory changes like RERA, GST, and IBC. However, since then, there has been a significant amount of consolidation, leaving only serious developers”.

“Thanks to the strong demand from end-use home buyers, there is now a healthy balance between the demand and supply in the industry. This balance is expected to continue and promote sustainable and robust growth in the market.”

Kunal Rishi, COO, Paras Buildtech, said it is no surprise that new project launches are projected to sell out faster, considering the robust demand.

Post-COVID pandemic, Rishi said, individuals are increasingly recognising the importance of owning residential assets.

Also read: 52% NRIs see Indian commercial properties emerging as new asset class: Survey

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Housing prices may rise 5% in FY24, says report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Housing prices rose 8-10 percent in this fiscal year and may further increase by 5 percent in 2023-24, India Ratings and Research (Ind-Ra) said on Tuesday.

The rating agency has revised the outlook on the residential real estate sector to neutral from improving for FY24.

“The residential real estate market continued its upward trajectory in FY23 (sales growth of 15 percent year-on-year for top eight real-estate clusters) despite pressure from higher input costs, increasing mortgage rates, and domestic and global recession,” Ind-Ra said in a statement.

Recessionary and inflationary pressures could impact near-term demand slightly, it said, but expected the market to absorb the pressure.

The agency believed demand would pick up eventually. Overall, Ind-Ra expected the sales momentum to continue and housing sales to increase by 9 percent year-on-year, supported by a steady, healthy demand.

“Property prices have risen by 8-10 percent year-on-year in FY’23 and might increase further by 5 percent year-on-year in FY24,” Ind-Ra said.

Also Read:India’s housing demand is driven by residential properties with Rs 1-2 crore tag: Report

It pointed out that construction costs have risen 8-10 percent year-on-year in FY23, with increased input costs causing the blended costs of developers to go up by 5-6 percent year-on-year.

“However, developers might not hike prices over the next six-to-seven months so as to handle any macroeconomic concerns and might wait for the demand dynamics to play out,” the agency said.

Ind-Ra noted that affordability had been a prime driver for housing sales in FY22.

“However, inflation compelled increase in selling prices by developers, and a series of repo rate hikes of 250 basis points since May 2022 have challenged demand dynamics in the affordable segment in FY23, while also causing mid and premium segment buyers to defer their purchases,” the statement said.

Also Read:Bumper housing sales in Mumbai and Pune, while Hyderabad sees a supply dip

Ind-Ra expects tier 1 players those having positive brand equity, a large scale of operations, high execution capabilities, strong refinancing abilities and healthy balance sheets to record a strong operating performance in FY24, given their increasing market share.

Some tier 2 and marginal players would continue to struggle with poor sales, collections and liquidity, it added.
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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s housing demand is driven by residential properties with Rs 1-2 crore tag: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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More and more people in India are looking to buy residential properties priced between Rs 1-2 crore, according to the latest report by Housing.com. According to the report, the search for residential properties priced between Rs 1-2 crores grew 24 percent annually in 2022.

“Based on the trends highlighted in our latest report, we expect the demand for housing to remain strong in the top micro-markets, and we see a growing interest in new apartments and properties priced between Rs one crore to two crores. We also see a lot of potential in tier 2 cities, where online property searches for apartments are growing at a faster pace than for independent homes. This presents a significant opportunity for developers and real estate agents to cater to the needs of home buyers in these cities,” said Dhruv Agarwala, Group CEO, Housing.com, PropTiger.com & Makaan.com.

Homebuyers also searched for new apartments more frequently in 2022 than the previous year, with queries up 52 percent. In 2022, resale property queries decreased by 2 percent YoY. The number of online searches for properties with a 3-bedroom configuration and above increased by 1.4 times in 2022.

As per the report, in 2022, 60 percent customers were looking to buy residential properties while the remaining 40 percent wanted to take property on rent, on Housing.com. In terms of buying, maximum searches were seen in the price bracket below Rs 50 lakh.

Also read: Real estate demand in Bengaluru, Chennai, Hyderabad rising as macro economic scenario weighs on Mumbai, NCR

Where are Indian’s looking for residential properties?

As per the research, New Town in Kolkata and Mira Road East in Mumbai were in 4th and 5th position, respectively, in terms of search for residential properties on Housing.com.

Chandkheda in Ahmedabad was in 6th position, followed by Wakad in Pune, Kharghar in Pune, Gota in Ahmedabad and Vastral in Ahmedabad.

According to the data, the number of online searches for renting homes grew 1.5 times in 2022. Bengaluru, Mumbai, and Hyderabad dominated searches and queries for renting a home in 2022.

Lucknow emerged as the top city for homebuyers in tier 2 cities, followed by Jaipur and Indore. Property searches for apartments online increased by 23 percent YoY in 2022, while searches for independent homes grew by 8 percent YoY.

Also read: Real estate stocks like DLF, Godrej Properties gain for second straight day on luxury housing boost

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

DLF confirms selling 1,137 apartments at Gurugram project at Rs 7 cr per unit

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In the month of February, there was an image of a large crowd at the office of real estate developer DLF following the launch of a new project, which went viral. It was indicated that this rush was for buying a flat in the Arbour Project in Gurugram of DLF, costing Rs 7 crore per unit. Now, that report is confirmed by DLF.

In a disclosure to exchanges, DLF says, it has witnessed record breaking pre-formal launch sales of Rs 8,000+ crores for its luxury high-rise residences, The Arbour, located at DLF Sixtythree on Golf Course Extension in Sector 63, Gurugram. The Arbour, that marks DLF’s entry into the micro market at Golf Course Extension has been fully sold out within three days even before its launch. The luxury neighbourhood is spread over 25 acres, boasts five towers that rise up to 38/39 stories. It comprises of well-appointed, spacious, and elegant 1137 identical 4 BHK + study + utility room configurations, with prices starting from Rs 7 crores onward, per unit.

As per the company, more than 95 percent of the buyers are individuals who have bought into The Arbour for their end usage. Aakash Ohri, Group Executive Director and Chief Business Officer of DLF says, “Our latest luxury offering, ‘The Arbour’ has received a phenomenal response even before it was launched. The overwhelming response for a project of this scale naturally demanded paperwork on an equally massive scale. As always, we wanted to accomplish this meticulously, before formally announcing the success in the market.”

Ohri further added, “The Arbour will undoubtedly be one of the most coveted and landmark developments in Gurugram. The area has emerged as a highly accessible and aspirational location being a natural extension to Golf Course Road, with seamless connectivity to other parts of Gurugram, as well as Delhi and Faridabad.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Economic Survey 2023: Housing prices beginning to firm up after 2-yr COVID lull

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Housing prices have started to firm up after a two-year COVID lull and unsold inventories have declined on rise in demand, the Economic Survey said on Tuesday, as it anticipated a decline in prices on the back of a cut in import duties on many construction materials.

India’s residential market has witnessed recovery this fiscal on pent-up demand with increase in housing sales despite impediments like rising interest rates on home loans and appreciation in property prices, said the Survey which was tabled in Parliament.

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The release of “pent-up demand” was reflected in the housing market, as demand for housing loans picked up, the Survey noted.

“Consequently, housing inventories have declined, prices are firming up, and construction of new dwellings is picking up pace and this has stimulated innumerable backward and forward linkages that the construction sector is known to carry,” the document said.

Housing prices have risen due to an increase in the construction cost amid Russia-Ukraine war that hit global supply chain, the survey said.

The Russia-Ukraine conflict affected the supply chain, resulting in price escalations of key building materials like steel, thereby increasing the overall construction cost and resulting in a rise in housing prices, it added.

The Wholesale Price Index for cement, lime and plaster has increased from 127.1 in December 2021 to 137.6 during December 2022, indicating an uptick in the input cost for construction.

“Going forward, the recent government measures, such as the reduction in import duties on steel products, iron ore, and steel intermediaries, will cool off the construction cost and help to check the rise in housing prices,” said the report.

The Survey document noted that vaccinations have facilitated the return of migrant workers to cities to work in construction sites as the rebound in consumption spilled over into the housing market. This is evident in the housing market witnessing a significant decline in inventory overhang.

Quoting housing brokerage PropTiger data, the survey said the inventory overhang — which refers to the estimated time period developers are likely to take to sell off the unsold inventory, based on the current sales velocity — fell to 33 months in the third quarter of FY’23 from 42 months last year.

The universalisation of vaccination coverage has a significant role in lifting the housing market as, in its absence, the migrant workforce could not have returned to construct new dwellings.

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Apart from housing, construction activity, in general, has significantly risen in FY23 as the much-enlarged capital budget (capex) of the central government and its public sector enterprises is rapidly being deployed.

Elaborating on the state of the realty sector, the Survey said “the Real Estate sector has witnessed resilient growth in the current year, with housing sales and the launch of new houses surpassing in Q2 of FY23 the pre-pandemic level of Q2 of FY20.” It pointed out that the onset of the COVID pandemic accentuated a slowdown in every economic space, and the real estate sector was no different.

Project delays, deferment of big-ticket purchases, stagnation of property prices, and scarce funding for developers induced slackening of demand, the survey said, adding that the situation was further aggravated by the associated lockdown and migration of workforce involved in the sector to their natives.

The work-from-home model had an impact on the demand for office space requirements by the corporates.

“The Pandemic, however, brought about a change in individual home buyers’ sentiment in favour of owning a house. With the easing of curbs, there was an increase in interest in the residential housing sector and more so in the readily available and affordable segment.

“The hybrid work mode with the privileges of working from anywhere encouraged first-time home buyers to move away from the conventional metros, and this brought about a pent-up demand in the residential real estate markets of Tier II and III cities,” the survey said.

Improvement in affordability in response to measures taken by the government during the pandemic, such as lower interest rates, reduction in circle rates, and cut in stamp duties on transaction of sale/purchase of immovable property and the extension of the Real Estate Regulation Act (RERA) also played a significant role in post-pandemic rebound of the realty sector.

Notwithstanding the current impediments, such as rising interest rates on home loans and an increase in property prices, the realty sector has witnessed resilient growth in the current year, it pointed out.

Housing sales and the launch of new houses in Q2 of FY23 surpassed the pre-pandemic level of Q2 of FY20. The unsold inventory stood at 8.5 lakh at the end of 2022 with 80 percent of the stocks under various stages of construction.

“This comes on the back of sustained sales momentum as the sector steadily recovers from the impact of the pandemic,” the survey said.

Also read | Economic Survey 2022-2023 hits and misses

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

HDFC Capital raises $376 million for affordable housing fund

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Over 98,000 unsold homes in Delhi-NCR at 2022-end; may take 5 years to clear stocks: PropTiger

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Delhi-NCR market has 98,290 unsold housing units at the end of 2022 calendar year and it will take around five years for builders to sell these stocks at current sales velocity, according to PropTiger.com.

In its latest report, housing brokerage firm PropTiger has mentioned that unsold inventory rose 17 percent in 2022 to 8,49,510 units across eight major cities.

Out of these, nearly 8.5 lakh unsold stocks, 80 percent units are under construction, while 20 percent homes are completed and ready-to-move-in.

These cities are — Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad.

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With improvement in housing sales across 8 cities, the inventory overhang — the estimated time builders would take to sell off the existing unsold stock based on the current sales velocity — has declined to 33 months in 2022, as compared to 42 months during 2021, the consultant said.

“Pune, Kolkata and Chennai have the lowest inventory overhang of 26 months, whereas, Delhi NCR continues to have the highest inventory overhang of 61 months,” PropTiger said.

The Delhi-NCR market has been facing this issue of unsold inventories for many years as sales velocity has remained subdued.

The NCR market is plagued with the problem of stalled projects as many big developers including Unitech, Amrapali, Jaypee Infratech, The 3C Company and Ajnara Group.

Many companies have become bankrupt and facing insolvency proceedings, while many builders are under liquidity stress.

Prospective homebuyers have become cautious and are opting to buy properties from only credible players.

As per PropTiger data, the unsold inventory in Ahmedabad rose 8 per cent to 68,450 units in 2022 compared with the previous year.

In Bengaluru, the unsold stock went up 18 percent to 78,500 units. The unsold inventory in Hyderabad surged 72 percent to 1,13,060 units during 2022.

In two major property markets of Maharashtra, the unsold stocks in Mumbai rose 22 per cent to 3,04,770 units in 2022, while unsold inventory in Pune increased 11 percent to 1,32,330 units.

However, Chennai saw a 13 percent decline in unsold inventory to 30,940 units. Delhi NCR saw a 4 percent decline to 98,290 units in 2022, as compared to the previous year.

Kolkata, too, witnessed a 10 percent year-on-year fall in unsold inventory to 23,170 units during the 2022 calendar year.

Increase in unsold housing stocks was driven by a sharp rise in fresh supply.

According to PropTiger data the new launches doubled in 2022 to 4,31,510 units across the eight cities.

Housing sales rose 50 percent to 3,08,940 units in 2022 as compared to 2,05,940 units in 2021 across these eight cities.

In Delhi-NCR, the report covers data of Gurugram, Noida, Greater Noida, Ghaziabad and Faridabad. In the MMR, the consultant includes Mumbai, Navi Mumbai and Thane.

Also Read: Ahmedabad the most affordable housing market and Mumbai the most expensive in 2022: Report

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Housing prices in Ahmedabad see double-digit rise: Shivalik Group

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Any time to buy your dream home is a good time. It is especially the case now because housing prices have gone up in recent months and are expected to continue to rise further, according to a leading real estate developer from Ahmedabad.

According to a recent report by CREDAI, Colliers, and Liases Foras, housing prices in Ahmedabad have risen by an average of 14 percent in the last two years. The housing prices were up 11 percent on a yearly basis in the third quarter of the year. Housing prices in Ahmedabad have been strong amidst robust demand and quality launches by top developers. However, the steep increase in prices of cement, steel, and other raw materials is the biggest reason for the rise in property prices.

“The overall real estate segment is doing very well due to a strong revival in demand. As far as residential units are concerned, prices have gone up by an average of Rs. 400-500 per sq ft or approximately 10-13 percent this year because of higher construction costs. Considering the rise in prices of basic raw materials such as steel, cement, bricks, electrical wires, and fittings, among other things, developers are mulling fresh hikes in housing prices,” said Taral Shah, Managing Director of Shivalik Group, a leading real estate firm in Ahmedabad.

Shah noted that even though housing prices continue to head northwards, Ahmedabad remains the cheapest realty market among all the major cities.

“In Ahmedabad, the average housing price is around Rs. 6,000 per sq ft, which is at least 25 percent lower among the other major markets. There are schemes available for Rs 3,000 per sq ft or even lower in Ahmedabad, which is not even thinkable in other cities. Low housing prices are among the key reasons why many people from the metros and other bigger cities such as Hyderabad, Pune, and Bangalore are choosing Ahmedabad as their home,” Shah explained.

Continuing investments in Ahmedabad and surrounding areas in manufacturing, IT, and other sectors, as well as the emergence of GIFT City, home to the only international financial services centre in India, as a global financial services centre, are also contributing to attracting fresh talent to Ahmedabad, giving a fillip to the housing segment.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mega Home Utsav 2022 starts: Should you invest in real estate this festive season?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Amid the upcoming festival season, Housing.com, a real estate platform, has announced the launch of its annual online real estate sales gala event — Mega Home Utsav-2022. Under this offer, buyers can grab discounts from the comfort of their homes.

In its sixth edition, the annual event is showcasing prominent properties from 22 cities in the country and will be available till October 20, 2022.

Which developers are participating?

An array of developers have partnered with the Gurgaon-based Housing.com for the Mega Home Utsav-2022.

The major developers include G square Housing, Merlin Group, Kalpataru Group, Casagrande Builder, Raymond Limited, SalarpuriaSattva, TVS Emerald Haven Realty and Puraniks Builders, to name a few.

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The company expects participation from more than 300 developers and over 2,000 channel partners. HSBC India is the title sponsor for the event.

What are the offers available?

The mega deals that developers are offering during the gala event include complete stamp duty waiver, bookings at as low as Rs 21,000, various payment schemes to lower the cost burden, free car parking, free Ola electric bike with each booking and discount of up to Rs 2 lakh on bookings.

What is the format of event?

In its all-new format, the Mega Home Utsav will make virtual home purchases convenient and life-like with 3D virtual booths. The more compact design, with visualisation products and content-based offerings, will ensure higher visibility for channel partners, developers and advertisers as well.

The Mega Home Utsav is being promoted through a high-intensity, multi-channel promotional campaign across TV, OTT and digital media, Housing.com.

Is it a time to invest in real estate?

Investing in real estate has always been a wise asset class to consider as it sees steady appreciation. There have been a number of new launches as well as ready to move in options that homebuyers can explore.

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Commenting on the same, Anjana Sastri, Director, Marketing, Sterling Developers, said rising homeownership among millennials, supported by higher disposable income and willingness to upgrade to larger, luxurious spaces equipped with better amenities have sparked a sharp growth in housing demand in the recent past.

“The revival in market sentiment against the backdrop of accelerating economic activities makes this festive season more attractive. However, while investing in a property, buyers should not only look at the attractive deals but also consider the reputation of the developer and other factors like location, execution capability, and amenities that the developer has to offer,” Sastri said.

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-With PTI inputs

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Luxury housing boom in these 7 cities — 6-month sales top 2021 yearly graph: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Sales of luxury apartments — priced at over Rs 1.5 crore — stood at 25,680 units across seven major cities during January-June 2022, surpassing yearly sales in the previous three years, according to Anarock.

In the first half of this year, the Mumbai Metropolitan Region (MMR) accounted for more than half of all luxury housing sales.

According to property expert Anarock, the luxury home market has done “remarkably well” this year, aided by developer discounts and demand from non-resident Indians (NRIs).

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As per the data, luxury property sales were 25,680 units in January-June 2022, which is greater than the 21,700 units sold in the entire 2021 calendar year across seven major cities: Delhi-NCR, Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad, Chennai, and Kolkata.

Due to the impact of the pandemic, sales of luxury flats plummeted to 8,470 units in 2020, down from 17,740 units in 2019. As per the report, the share of luxury residences in total property sales of 1.84 lakh units across the seven cities increased to 14 percent in the first six months of 2022.

When compared to the pre-pandemic year of 2019, the percentage of luxury properties in overall sales was just 7 percent. Anarock Chairman Anuj Puri said it is end-users who are driving luxury house demand.

“Discounts by developers made luxury properties very attractive for these buyers and NRIs have also been snapping up luxury homes in India because of the favourable exchange rate,” he informed.

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Rising luxury curve

As per Anarock data, luxury housing sales in Delhi-NCR reached 4,160 units between January and June of this year.

In 2019, sales were 1,680 units, 700 in 2020, and 2,520 in 2021. In the first half of 2022, the MMR sold 13,670 units. In 2019, the city saw 10,210 unit sales, followed by 5,840 units in 2020, and 13,720 units in 2021.

During January-June this year, luxury unit sales in Bengaluru added up to 2,430 units. In 2019, sales were 3,030 units, 930 units in 2020, and 1,550 units in 2021. In the first six months of current calendar year, sales of luxury residences in Pune stood at 1,460 units. In Pune, the demand was 500 units in 2019, 170 units in 2020, and 880 units in 2021.

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Between January and June of 2022, 2,420 luxury residences were sold in Hyderabad. Sales in 2019 were 1,660 units, 620 units in 2020, and 1,880 units in 2021. In the first six months of this year, sales of luxury residential residences in Chennai reached 920 units. In 2019, 300 luxury residences were sold in the city, with 120 units sold in 2020 and 660 units sold in 2021.

The city of Kolkata sold 630 premium residential units between January and June of 2022. In 2019, 390 luxury units were sold, followed by 90 in 2020 and 490 in 2021.

Affordable housing 

With the growth in the percentage of the luxury housing category in overall sales, Anarock data revealed that the share of affordable housing (units priced below Rs 40 lakh) fell to 31 percent in the first six months of 2022 from 38 percent in the whole year of 2019.

Affordable housing was significantly impacted by the pandemic because the buyers in this category took the biggest economic hit.

Expectations

According to Anarock data from the previous 10 years, total house sales in these seven cities were 3,18,399 units in 2013, 3,42,983 in 2014, 3,08,250 in 2015, 2,39,260 in 2016, 2,11,143 in 2017, 2,48,311 in 2018, 2,61,358 in 2019, 1,38,344 in 2020, and 2,36,516 in 2021.

Sales were 1,84,475 units in the first six months of 2022. As per Anarock, house sales in 2022 are anticipated to exceed pre-pandemic levels.

Unsold housing stocks in these seven cities have reduced to roughly six lakh units from a record of over nine lakh units due to improved demand and regulated supply.

All residential projects (apartments, villas, row-houses, villaments, and independent floors) are included in the data, but excludes plotted development projects.

(With inputs from PTI)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow