Housing sales have risen 49% year-on-year to 83,220 units in the July-September period across eight major cities on pent up demand, despite rise in interest rates and property prices, according to PropTiger.com.
Sales stood at 55,910 units in the same quarter last year.
The sales have surpassed the pre-pandemic levels of 2019’s Q3 (July-September), the housing brokerage firm said on Thursday in its quarterly report Real Insight Residential — July-September 2022.
“The real estate industry is bouncing back from the pandemic and subsequent disruptions,” said Vikas Wadhawan, Group CFO, PropTiger.com, Housing.com and Makaan.com.
Despite the slight increase in overall interest rates, he said the demand for housing has not dipped.
He attributed the rise in demand to renewed thrust towards home ownership.
As per the data, housing sales in Mumbai jumped more than two-fold to 28,800 units in the third quarter of this calendar year, from 14,160 units in the corresponding period of the previous year.
Pune witnessed 55% growth in sales to 15,700 units from 10,130 units, Delhi NCR saw 22% increase in housing sales to 5,430 units from 4,460 units.
Sales in Ahmedabad rose 44% to 7,880 units in July-September 2022, from 5,480 units in the year-earlier period.
In Bengaluru, the sales of residential properties increased 20% to 7,890 units from 6,550 units.
Housing sales in Hyderabad rose 35% to 10,570 units from 7,810 units.
However, PropTiger data showed that sales dropped by 5% each in Chennai and Kolkata.
Housing sales in Chennai fell to 4,420 units from 4,670 units.
The sales of residential properties in Kolkata declined to 2,530 units in July-September this year, from 2,650 units in the year-earlier period.
Ankita Sood, Head of Research, PropTiger.com and Housing.com, said the trends signal for a positive outlook for residential realty in the coming quarters.
“Demand will continue to strengthen on the back of levers such as festive discounts and flexible payment plans, underpinned by the renewed importance of home ownership,” she said.
Housing sales were badly impacted during 2020 because of the COVID-19 pandemic. However, demand has improved from July last year amid a decline in COVID cases.