{"id":1102,"date":"2024-02-02T19:52:26","date_gmt":"2024-02-02T14:22:26","guid":{"rendered":"https:\/\/theleadernews.in\/?p=1102"},"modified":"2024-02-02T22:07:32","modified_gmt":"2024-02-02T16:37:32","slug":"property-prices-and-sales-witnessed-an-uptick-in-2023","status":"publish","type":"post","link":"https:\/\/theleadernews.in\/?p=1102","title":{"rendered":"Property Prices And Sales Witnessed An Uptick In 2023"},"content":{"rendered":"\n

Let’s understand the reasons driving a hike in housing sales, despite the increase in property prices<\/strong><\/p>\n\n\n\n

Residential prices increased by four to 11 per cent in the latter half of 2023 across markets. Sales volume also increased in tandem; according to a report by Knight Frank India, a total of 1,72,457 housing units were sold in the second half of 2023, against 1,53,961 units that were sold in H2 2022, recording a 15 per cent YOY change. Property prices in Mumbai and Bengaluru grew by seven per cent each. This is the fourth consecutive half-yearly period of price growth across all markets. This is noteworthy, as the markets have shown resilience and surged to a 10-year high in terms of annual sales despite the Reserve Bank of India\u2019s cumulative increase of 250 basis points in policy rates between May 2022 and February 2023. One of the reasons for this increase in demand is that \u201cThe homebuyer today is aware of the options available and is willing to push the budget by 20-25 per cent. Moreover, the flexibility of work-from-home (WFH) has led buyers to evaluate their lifestyle and aim for an aspirational home,\u201d says Gorakh Jhunjhunwala, MD, Meraqi Advisors Pvt. Ltd.<\/p>\n\n\n\n

Real estate expert Aarti Harbhanjanka adds, \u201cMigration has been one of the biggest factors leading to an increase in housing demand in the last two years. \u00a0During the pandemic, India saw huge reverse migration. This population which had returned to their hometowns, is now returning to metropolitan cities, thus increasing direct and indirect demand for housing. By direct demand we mean, those who move and buy a home of their own. By indirect demand, we mean they give rise to the rental demand, which is why the local residents buy a home as an investment and then rent it out.<\/p>\n\n\n\n

The inventory has increased from 4,53,477 unsold housing units in 2022 to 4,73,511 unsold units in 2023. Despite this, developers haven\u2019t stopped launching newer projects. A total of 1,77,382 housing units were launched in 2023 recording a six per cent YOY growth.<\/p>\n\n\n\n

\u201cWe are seeing robust sales, which is why despite the increased unsold inventory, we are confident that the new launches will be converted into sales in a few quarters,\u201d shares Aditya Mehta, chief sales officer at a real estate company.<\/p>\n","protected":false},"excerpt":{"rendered":"

Let’s understand the reasons driving a hike in housing sales, despite the increase in property prices Residential prices increased by four<\/p>\n","protected":false},"author":2,"featured_media":1103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[35],"tags":[],"class_list":["post-1102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-150x150.jpg","medium":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-300x157.jpg","medium_large":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-768x402.jpg","large":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-1024x536.jpg","1536x1536":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune.jpg","2048x2048":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune.jpg","colormag-highlighted-post":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-392x272.jpg","colormag-featured-post-medium":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-390x205.jpg","colormag-featured-post-small":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-130x90.jpg","colormag-featured-image":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-800x445.jpg","colormag-default-news":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-150x150.jpg","colormag-featured-image-large":"https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-1200x600.jpg"},"magazineBlocksPostAuthor":{"name":"TheLeader","avatar":"https:\/\/secure.gravatar.com\/avatar\/53c9120c9bfaebe5a7fd2c5078b156e84e2b58475961cf5d18386a6a2841e582?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Let’s understand the reasons driving a hike in housing sales, despite the increase in property prices Residential prices increased by four","magazineBlocksPostCategories":["Property"],"magazineBlocksPostViewCount":182,"magazineBlocksPostReadTime":2,"magazine_blocks_featured_image_url":{"full":["https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune.jpg",1200,628,false],"medium":["https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-300x157.jpg",300,157,true],"thumbnail":["https:\/\/theleadernews.in\/wp-content\/uploads\/2024\/02\/property-real-estate-news-pune-150x150.jpg",150,150,true]},"magazine_blocks_author":{"display_name":"TheLeader","author_link":"https:\/\/theleadernews.in\/?author=2"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/53c9120c9bfaebe5a7fd2c5078b156e84e2b58475961cf5d18386a6a2841e582?s=96&d=mm&r=g","magazine_blocks_category":"Property<\/a>","yoast_head":"\nProperty Prices And Sales Witnessed An Uptick In 2023 - 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