Housing sales jumped over 4.5 times year-on-year in April-June across eight cities to 74,330 units on lower base effect, while demand was up 5 per cent from the previous quarter, according to PropTiger data.
Housing sales stood at 15,968 units in the April-June period last year and 70,623 units in the January-March quarter of 2022.
The price of residential properties rose 5-9 per cent annually, driven by rise in input costs, inflationary pressures and premium attached with ready-to-move-in inventory. Pune and Chennai saw maximum appreciation at 9 per cent each.
In its latest ‘Real Insight Residential’ report, Australia’s REA group-owned PropTiger.Com, said the YoY (Year-on-Year) growth in April-June 2022 is multi-fold due the low base as demand in April-June 2021 was severely impacted owing to the second wave of the COVID pandemic.
On the sequential rise in sales, Vikas Wadhawan, Group CFO of REA India, said: “Even though the RBI increased the repo rate twice during the quarter, home loans remained largely affordable.”
The biggest booster to housing demand has been the increased importance of owning a property, he said.
This, he said, has been further backed by the consumer confidence in the overall economic scenario and impending income stability.
As per the data, housing sales in Ahmedabad rose sharply to 7,240 units in April-June 2022, from 1,280 units in the year-ago period. Sales were up 30 per cent from 5,550 units in the January-March quarter this year.
Bengaluru saw sales of 8,350 units in April-June, as against 1,590 units in the year-ago period.
