The real estate sector boomed and house sales and profit increased by 22 percent in July-September
Business Desk: During the coronavirus period, the real estate sector was most affected. The real estate sector was devastated. Now the real estate sector in the country is gaining momentum. The sale of houses and properties has increased. Strong growth continues in the country’s top 8 housing markets. Sales increased 22% and new supplies increased 17% in July-September 2023.
Real estate digital platform proptiger.com has released the ‘Real Insight Residential – July-September 2023’ report. Proptiger.com is a leading digital real estate brokerage company owned by REA India. It is also the parent company of Housing.com and Makan.com. According to the report, the sale of residential units has increased from 83,220 units in the third quarter of last year to 1,01,220 units in the third quarter of this year.
Great sales in all cities
All cities except Chennai recorded an increase in sales and Mumbai Metropolitan Region (MMR) and Pune accounted for nearly half of the total sales. This quarterly report is based on eight major housing markets, including Delhi-NCR, MMR, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad. According to Vikas Wadhawan, CFO of REA India and Business Head of PropTiger.com, the housing markets in the top eight cities are steadily increasing. This strong demand is due to the positive trend of consumers.
The house is sold well
According to data from PropTiger.com, the number of house sales in Ahmedabad increased by 31 percent year-on-year from 7,880 to 10,300. Bengaluru recorded a maximum growth of 60% in sales. With this, the number of units has increased from 7,890 to 12,590. Sales in Delhi-NCR were 44%. The number of units has increased from 5,430 to 7,800
Hyderabad recorded a 34% growth in sales where the number of units reached 14,190 compared to 10,570 last year. In Kolkata, the number of units increased from 2,530 to 3,610 with a 43% increase in sales. Mumbai saw a modest growth of 5%. The number of units has increased from 28,800 to 30,300. On the sales front, the number of units in Pune stood at 18,560, an 18 percent increase over the previous 15,700. Chennai was the only city to see a decline of 12% in sales.
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