Housing sales in India’s top six cities surge by 20% in Q1 2024

financialexpress.com:

Housing sales in India’s top six cities – Delhi NCR, Mumbai, Bengaluru, Hyderabad, Chennai, and Pune — have surged by 20% during the January-March period. The number of housing units sold has reached around 1,47,000 units, according to NoBroker.

This anticipated growth reflects the resilience and potential of the market, fuelled by ongoing developments and investments in the property market.

The Indian real estate sector, in fact, has witnessed a promising start in 2024, marked by a surge in demand for residential properties despite challenges posed by escalating prices. This momentum is anticipated to persist in the coming months, with numerous new project launches underway and many more in the pipeline.

Furthermore, the recent decision by the RBI to maintain the repo rate unchanged is set to present a favourable environment for homebuyers.

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Commenting on the same, Amit Agarwal, CEO & Co-founder, NoBroker.com, said, “The average rent increase has been higher than average salary increments across cities which has prompted potential home buyers to take the plunge. While rents may stabilize with more supply coming in gradually, they will not come down.”

The current year has begun with an outstanding start, observing heightened demand and exponential surge in property transactions. The growth trajectory of the country’s economy, coupled with controlled economic policy environment, has boosted the confidence of buyers to make the plunge. “Although the property price escalations persist, we are anticipating robust sales, which is indicative of buoyant homebuying sentiment and buyers’ persistence to owning a physical