New Delhi, March 31 (FN Bureau) Activity in India’s residential real estate segment has seen a further increase in the first three months of the year 2022 as record low home loan interest rates fueled consumer enthusiasm along with government-sponsored subsidy programmes, online real estate major PropTiger.com said on Thursday.
According to the real estate major, home sales and new launch numbers have shown a year-on-year growth in the period between January and March, 2022. The report by the Gurgaon-headquartered company shows 70,623 units were sold in Q12022 as compared to 66,176 units sold in Q12021, registering seven per cent YoY growth. The improvement in terms of new supply was significantly higher, with a YoY growth of 50 per cent in new launches during the same period.
A total of 79,532 units were launched in Q1 2022 as compared to 53,037 units in Q1 2021. The markets covered in the quarterly report, titled Real Insight Residential – January-March 2022, include Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, Delhi-National Capital Region and Pune. “India’s housing sector is again emerging as a bright spot in the country’s economy, helping it spring out of the pandemic-induced slowdown. With further normalization of activity in the months to follow, we expect greater positive changes,” Group CEO, PropTiger.com Dhruv Agarwala said.