Monsoon Dip in Housing Sales, But Value Soars Amid Luxury Surge
Housing demand saw a 9% drop in sales across major cities in the July-September quarter, attributed to monsoon and the Shradh period. However, the value of sales increased by 14% due to a rise in premium and luxury housing transactions. Average prices grew by 9% year-on-year.
- Country:
- India
During the July-September quarter, housing sales in India's seven major cities fell by 9% to 97,080 units, according to Anarock. The decline is attributed to seasonal monsoon effects and the inauspicious Shradh period.
Interestingly, sales in terms of value surged by 14% to Rs 1.52 lakh crore. The rise is driven by increased transactions in premium and luxury housing segments along with year-on-year price appreciation, Anarock reports.
While cities like Mumbai and Pune saw a decrease in sales volume, regions such as Chennai experienced a significant rise. Anarock Chairman Anuj Puri commented that despite less new supply, the housing market remains healthy. Rakesh Bohra, COO of Pioneer Urban Land and Infrastructure Ltd, predicted a positive trend for future quarters.
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