During the three-month period from January to March, home sales in the country’s eight largest and five largest metros rose nearly nine per cent to 78,627 units.
Ready Reckoner Rates Increase by Average Five Percent The Government of Maharashtra has increased the Ready Reckoner Rates by an average of five per cent in the entire state for the financial year 2022-23. The new rates were announced by Inspector General of Revenue and Controller of Stamps Shravan Hardikar. In the Mumbai Municipal Corporation area, the rate has been increased by an average of 2.34 per cent. The rural areas of the state have witnessed an increase of 6.96 per cent. Also, Pune, Thane, Navi Mumbai metropolitan ready reckoner rates have been increased by 6.12, 9.48 and 8.90 per cent respectively. Therefore, the overall picture is that house prices in the Mumbai metropolitan region will increase in the coming period.
According to data released by Knight Frank India, home sales in the country’s eight largest and five largest metros rose by nearly 9 per cent to 78,627 units during the three-month period from January to March. This is the highest quarterly sales in the last four years, but home sales in Mumbai have declined. Last week, Anarock and Proptiger, a property advisory firm, also released residential sales figures for three months.
According to Anarock, home sales in the country’s seven major cities grew by 71 per cent to 99,500 units between January and March. The same proportion has increased by seven per cent annually in seven cities of the country to 70,623 units, according to Proptiger.
In the first quarter of 2022, 78,627 new homes were sold in eight major cities across the country, an increase of nine per cent over last year. It also surpassed sales for the third consecutive quarter before the Corona epidemic, a sign that demand for housing in the country is picking up again, “said a statement issued by Knight Frank India.
However, between January and March, 21,548 new units were sold in Mumbai. Compared to last year, the proportion has dropped by almost nine per cent this time. In the first quarter of 2022, 10,305 new homes were sold in Pune, which was 25 per cent less than last year. Although the decline is noticeable, it should be noted that at that time, the state government had reduced stamp duty to encourage the sale of property. Therefore, the original period was a record quarter in terms of sales, ‘said Knight Frank.
Analyzing the property sales in the first quarter of this year, Shishir Baijal, President and Managing Director, Knight Frank India, said:
The growth in the residential segment in the major markets of the country in the last few quarters has been very impressive. This is due to the initiatives taken to strengthen the economy and increase the financial confidence of the consumers. Also, low interest rates on loans, affordable housing prices, rising wages and the impact of the Corona epidemic have reduced the likelihood of future crises and the need for better housing, creating a favorable environment for home buying.
Currently, there is financial strain on developers to complete the project. Experts in the field think that home buyers should create their own mindset by assuming that house prices will go up. As prices of cement and steel, two of the most important raw materials in the construction sector, rise, house prices are expected to rise by one to seven per cent.
Courtesy : Timesgroup.com