Seven big cities... 22% more expensive houses sold than 1.5 crores
Seven big cities... 22% more expensive houses sold than 1.5 crores: Home loan rates increased, yet 20% more houses were sold in the March quarter
In the January-March quarter, 62 thousand houses were sold in 7 major cities of the country. These are 20% more than the houses sold in the same quarter of 2022. The sale of houses in the country has increased at a time when the prices of houses have increased by 4-12% amid an increase in the repo rate and costlier home loans.
According to a report by real estate service company JLL, the share of houses priced above Rs 1.5 crore in total unsold houses in the country's prime housing market has increased to 22%. This figure was 18% in the March quarter of 2022.
The share of the affordable segment i.e. houses priced below Rs 50 lakh in total sales declined from 22% to 18%. The share of houses in the mid-segment i.e. 50-75 lakhs was about 25%. The top 7 residential markets are Mumbai, Delhi, Bangalore, Pune, Hyderabad, Chennai and Kolkata.
The residential sector showed strong growth in the first quarter of 2023 despite the RBI increasing the repo rate by 2.5%. This is a sign of increasing demand for houses.
