Real estate developers in India are optimistic about strong sales over the next few weeks, with the festive season and Diwali contributing handsomely to the same. At the same time, with the country witnessing a property boom, experts feel that there are no signs of the same abating in the near future.
According to the Co-Founder and Chief Business Officer, Square Yards, Anupam Rastogi, properties are selling out within days and even in hours of a launch at times. He adds that these events have not been observed before in the Indian real estate market, adding that the property market is currently in the midst of a strong demand cycle. Anupam Rastogi also feels that this will continue over 3-4 years, given that the economy stays healthy and robust while adding that the housing demand observed currently is coming on the back of a stronger economy.
Home sales increased by 12% between July and September this year (as compared to the same period last year), touching 82,612 units across India’s eight biggest cities. Price also increased in these cities, with Hyderabad witnessing the highest rise of 11% for the quarter, followed by 6% price growth in Mumbai. The share of home sales in the category of 10 million rupees and higher in the country increased by 35% in this period, being attributed to more buyers seeking upgrades to larger living spaces with improved amenities.
Anupam Rastogi also states that NRI buyers are driving up to a whopping 30% of revenues. He pinpoints an exponential growth in real estate demand from NRIs staying in the UAE due to their higher purchasing power and more sector-wide transparency in India. He also adds that homes in the luxury and premium categories (three bedroom and higher configurations) are seeing the highest demand in this segment.
He also states that while there are underlying challenges like developers having issues with inconsistent and complex regulations at the national, local, and state levels, the industry-wise prospects still remain bright in the foreseeable future. The implementation of RERA, according to him, has been uneven across states, although it has ushered in overall transparency and accountability for the sector. With the present environment being highly favourable, experts continue to stay positive on the prospects of the sector, with more sales and demand growth forecasted over the next few quarters.
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Published Date: Oct 23, 2023
