Housing sales fall 15 pc in Apr-Jun in top 7 cities from previous quarter on rise in property, mortgage rates | The Financial Express

Clipped from: https://www.financialexpress.com/money/housing-sales-fall-15-pc-in-apr-jun-in-top-7-cities-from-previous-quarter-on-rise-in-property-mortgage-rates/2578043/

On Wednesday, housing brokerage firm PropTiger released its data, which showed that sales jumped over 4.5 times year-on-year in April-June across eight cities at 74,330 units, while demand was up 5 per cent from the previous quarter.

housing salesSales stood at 99,550 units in the January-March quarter of this year. (Representational image)

Housing sales have declined 15 per cent during April-June period to 84,930 units across seven major cities compared to the previous quarter, due to rise in property prices as well as mortgage rates, according to Anarock. Sales stood at 99,550 units in the January-March quarter of this year. However, sales jumped 3.5 times from 24,569 units in the April-June quarter last year.

On Wednesday, housing brokerage firm PropTiger released its data, which showed that sales jumped over 4.5 times year-on-year in April-June across eight cities at 74,330 units, while demand was up 5 per cent from the previous quarter. Commenting on its sales numbers, Anarock Chairman Anuj Puri said: “Inflationary pressures on input costs compelled developers to increase property prices in the past few months, and RBI unleashed two rate hikes that swelled up home loan interest rates.

“These two factors combined to hike the overall property acquisition cost for homebuyers, leading to a dip in housing sales.” Puri pointed out that sales could have also been impacted due to family travel during the school vocations in April-June period. As per the data, housing sales in Mumbai Metropolitan Region (MMR) fell 11 per cent to 25,785 units in April-June 2022 from 29,130 units in the previous quarter.

Delhi-NCR market saw 19 per cent decline in housing sales to 15,340 units during April-June, from 18,835 units in the previous quarter.Housing sales in Bengaluru were down 14 per cent to 11,505 units in April-June, from 13,450 in the January-March 2022.Pune witnessed 11 per cent fall in housing sales in the April-June quarter to 12,500 units, from 14,020 units in the previous quarter.

Sales of residential properties in Hyderabad were down 15 per cent to 11,190 units in April-June, from 13,140 units in January-March quarter this year.During the April-June quarter of this year, Chennai saw a 24 per cent fall in sales to 3,810 units, from 4,985 units in the previous quarter.Housing sales in Kolkata declined 20 per cent to 4,800 units in April-June, from 5,990 units in the previous quarter.Housing prices across these top seven cities saw a quarterly increase of 2-3 per cent in April-June 2022.

“Annually, prices have risen by between 4 and 7 per cent, primarily due to increased input costs and good demand post-COVID-19,” Anarock said.In its data, Anarock has considered sales of flats, villas and rowhouses.Delhi-NCR market includes- Noida, Greater Noida, Ghaziabad, Gurugram, Faridabad, Bhiwadi and New Delhi.
The MMR market includes Mumbai, Navi Mumbai and Thane.

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