The sales of apartments in January-March across seven major cities rose 50 per cent to 50,132 units, the highest quarterly sales in the last 15 years, reported news agency PTI. According to real estate consultant JLL India, Sales of flats, costing above Rs 1 crore, remained at 33,477 units in the comparing time of the last calendar year.
JLL India data incorporates just apartments and prohibits deals of rowhouses, estates, and plots.
The total number of apartments sold in seven major cities between January and June increased by 21%, reaching 1,26,500 units—the highest level in 15 years for the first half of a year. During the previous year, 1,04,926 units were sold.
According to JLL data, sales of apartments with prices less than Rs 50 lakh decreased by 2% between January and June from 24,987 units a year earlier to 24,482 units. The portion of reasonable homes in complete deals dropped to 19 percent from 24%.
In the Rs 50-75 lakh cost class, deals of lofts rose 4% to 30,125 units from 28,933 units. The mid-segment's share of total sales decreased from 28% to 24%.
Sale of apartments, costing Rs 75 lakh-1 crore, rose 25% to 21,848 units from 17,529 units. The proportion of apartments in this price range in total sales remained unchanged at 17%.
Sales of flats increased 67% to 24,121 units from 14,484 units in the Rs 1-1.5 crore category, bringing their share of total sales up to 19% from 14%.
Sales of apartments, priced above Rs 1.5 crore, went up 21 per cent to 26,011 units during January-June this year from 18,993 units in the year-ago period. The share of luxury flats in overall sales increased to 21 per cent from 18 per cent.
"The government's strong push, coupled with the RBI's decision to pause the repo rate in the last two instances, along with moderate inflation, have played a pivotal role in revitalizing the residential market. The demand for homes is projected to remain growth-oriented in the medium term as well," Siva Krishnan, Senior Managing Director and Head - Residential, India at JLL, said.
He expected strong sales in the second half of this year, driven by festive demand.
Realty firm Krisumi Corporation, which is into luxury projects in Gurugram, Managing Director Mohit Jain said, "the top residential markets have consistently performed well, with sales witnessing an upward trend in the past few quarters."
Jain attributed the growth to robust demand across all price brackets, particularly in the mid and premium housing segments, driven by strong desire to own properties and the stability in home loan interest rates.
(With PTI inputs)
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