Winning Bizness Desk
Mumbai. You may be surprised to know that on the one hand the countrymen are troubled by inflation with interest rates at all time high, on the other hand record breaking sales of properties are being registered across the country. One of the country's leading online real estate platforms has released a report for April-June 2023, which states that the residential demand in 13 cities across the country has increased by 7.8% year-on-year and 10.4% quarter-on-quarter in this quarter. Gurgaon topped in terms of residential demand. The highest quarter-on-quarter growth during this period was in Gurgaon stood at 28.9%. It was followed by Bengaluru with an increase of 19.7%. Greater Noida grew by 18.1% and Delhi by 17.7% during this period.
Highest prices rise in Greater Noida
The highest prices have increased in Greater Noida in the property market of the entire country. After this comes the number of Noida. Gurgaon has also seen a sharp rise in prices, but currently lags behind Hyderabad. As per the research report, Greater Noida has seen the highest increase of 32.4% in the average property prices, followed by Noida where there has been an increase of 28.7%. During this period, there has been an increase of 23.3% in Hyderabad and 23.1% in Gurugram. According to the report, among all major cities in the country, Chennai (4.0%), Kolkata (8.0%) and Pune (10.1%) have been the most affordable during the last 2 years.
Supply of residential houses declined
Residential demand grew by 7.8% year-on-year and 10.4% quarter-on-quarter during April-June this year. However, the supply of residential houses declined by 7.4% quarter-on-quarter and 8.3% year-on-year during the same period. Despite the increase in interest rates, there has been a tremendous increase in the demand for residential property. The credit for this goes especially to the growing importance of owning a house and the sense of security it provides. Given the way project delivery is getting delayed in Delhi-NCR, a lot of buyers demand ready-to-move-in properties. The results of the Magicbricks report also show that the average prices of ready-to-move-in (RTM) properties have increased by 2.4% quarter-on-quarter and 9.8% year-on-year. During this period, the average prices of under-construction (UC) houses have registered an increase of 1.9% quarter-on-quarter and 16.3% year-on-year.
