<ul><li>According to the report, the total sales stood at 1,08, 817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021.</li><li>The new launches of residential property jumped 11 % in the third quarter of 2022.</li><li>Thane, Pune and Bengaluru were the top three cities in terms of sales in the third quarter.</li></ul>Despite biting inflation and higher interest rates, the real estate market has shown a gradual recovery this year from Covid-19 lockdowns. In fact, <keyword id="15455393" type="General" weightage="20" keywordseo="Sales-of-residential-properties" source="Orion">sales of residential properties</keyword> in India’s top cities jumped 24% in the July-September quarter of this year compared to last year, says a new report by real estate consultancy firm <keyword id="226991" type="General" weightage="50" keywordseo="propequity" source="Orion">PropEquity</keyword>. According to the report, total sales stood at 1,08,817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021. The top cities or Tier 1 cities included in this report are Bengaluru, Chennai, Hyderabad, Kolkata, Thane, Mumbai, Navi Mumbai, Pune and Delhi-NCR. “There is a good appetite among the citizens of these cities for buying quality houses and thus there is significant buoyancy in the real estate market. Ever since we have come out of the shadows of the pandemic and the lockdown, there has been hectic activity in the real estate market which is good news for the developers,” said <keyword id="207815" type="General" weightage="20" keywordseo="Samir-Jasuja" source="Orion">Samir Jasuja</keyword>, founder and managing director at PropEquity. The sales in the third quarter of 2022 increased by 1% as compared to the April-June period of the ongoing calendar year, when 1,07,358 units were sold. “The residential property market in the third quarter of 2022 has seen decent performance in the top cities in the country, both from the point of view of sales as well as new launches,” Jasuja added. The new launches of residential property at 83,241 units in the July-September quarter was an 11% rise year-on-year. However, sequentially, the sales in the third quarter fell 15% from 97,745 units in the preceding quarter. <cmsannotation type="cmsannotation" annotationid="Thane, Pune, Bengaluru see highest sales" comment="subhead" text="Thane, Pune, Bengaluru see highest sales">Thane, Pune, Bengaluru see highest sales</cmsannotation> According to the report, Thane, Pune and Bengaluru were the top three cities in terms of sales in the third quarter. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">City </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Increase in sales (Y-o-Y) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of residential properties sold in Q3 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Thane </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">32% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21,910 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pune </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20,807 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bengaluru </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,297 </td></tr></tbody></table>Source: PropEquity report Thane saw the most number of sales in the third quarter but it saw a 4% fall from the immediately preceding quarter. Bengaluru recorded the highest year-on-year growth in sales at 41%, and an increase of 5% from the immediately preceding quarter. Pune witnessed a jump of 9% in sales. The total unsold stock in the top cities at the end of the third quarter of 2022 was at 4,77,570 – a 12% decline from 5,40,849 units a year ago. Delhi-NCR, Bengaluru and Pune saw the most decline in unsold inventory. Also, Delhi-NCR, Kolkata and Chennai saw the maximum increase in the weighted average price of homes in the period, according to the report. Delhi-NCR region at an average price of ₹9,996 per sq. ft, saw a 30% rise year-on-year. Average price of homes in Kolkata stood at ₹5,954 per sq. ft – an increase of 21% over the corresponding period last year. At an average price of Rs 6,956 per sq. ft, Chennai recorded a jump of about 16%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/rivaara-labs-raises-its-first-round-of-equity-capital-from-amicus-capital-and-kotak-investment-advisors/articleshow/95354518.cms">Rivaara Labs raises its first round of equity capital from Amicus Capital and Kotak Investment Advisors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/amazon-launches-prime-video-mobile-edition-at-599-per-year/articleshow/95357687.cms">Amazon launches Prime Video Mobile Edition at ₹599 per year, here's what it includes</a>

Sales of residential properties rose 24% in July-September this year: Report

<ul><li>Demand for affordable housing in top metros is being replaced by mid-segment, says <keyword id="226991" type="General" weightage="80" keywordseo="propequity" source="Orion">PropEquity</keyword>. </li><li>The maximum number of housing units sold in the mid-segment were from <keyword id="6354552" type="General" weightage="80" keywordseo="hyderabad" source="Orion">Hyderabad</keyword>. </li><li>Thane sold the highest number of houses under the affordable segment housing category. </li></ul>The luxury housing sector in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> has seen a 12% jump across Tier 1 cities during the second quarter of 2022, as per PropEquity’s India Residential Market report. Unsurprisingly, the most expensive homes sold the most in <keyword id="6358070" type="General" weightage="50" keywordseo="mumbai" source="Orion">Mumbai</keyword>, which was ranked number one in terms of luxury sales and supply. “In the last one year we have been witnessing a revival of luxury housing across top cities in India. Demand for affordable housing in top metros is being replaced by mid-segment and luxury housing as higher disposable income of nuclear families are looking for properties with premium amenities,” said <keyword id="207815" type="General" weightage="80" keywordseo="samir-jasuja" source="Orion">Samir Jasuja</keyword>, founder and managing director at PropEquity said. Thane was the best city in terms of affordable housing sales. In the mid-segment, Hyderabad ranked high in terms of maximum number of housing units, the report stated. The Indian affordable housing segment had a share of 63% in overall supply across all Tier 1 cities while the mid-segment had a slice of 26%. The second quarter saw a total sales of 1,02,311 units, out of which the largest share was of the affordable segment of about 64%, followed by mid-segment share of 25% and the share of luxury units being 10%. “Luxury housing in India has remained resilient during the last two years. New launches and rightly located projects are being sold out in a few weeks. We believe projects by fundamentally strong developers would continue to witness heavy demand even with inflationary roadblocks,” said <keyword id="14686763" type="General" weightage="80" keywordseo="abhishiekh-andlay" source="Orion">Abhishiekh Andlay</keyword>, founder of <keyword id="14686764" type="General" weightage="50" keywordseo="andlay-estates" source="Orion">Andlay Estates</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-close-flat-as-they-await-cues-from-us-inflation-data/articleshow/93478615.cms">Indian markets close flat as they await cues from US inflation data</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/more-emissions-reduction-targets-will-help-indian-fossil-fuel-giants-ieefa-reports/articleshow/93475520.cms">More emissions reduction targets will help Indian fossil fuel giants, IEEFA reports</a>

Most luxury home sales came from Mumbai, and its suburb Thane leads in affordable homes

<ul><li>Unsold <keyword id="35061" type="General" weightage="20" keywordseo="housing" source="Orion">housing</keyword> stock declines 11% in Q3, 2023. </li><li>Indian developers are strategically focusing on reducing older <keyword id="3032077" type="General" weightage="20" keywordseo="unsold-inventory" source="Orion">unsold inventory</keyword>. </li><li>With an 8% increase in absorption compared to the previous year, the market is showing resilience. </li></ul>New property launches increased by 2% in tier one cities, reaching 97,871 units in July to September 2023, up from 96,408 units in the same period previous year. However, it's important to note that the quarter witnessed an 11% decrease in <keyword id="1085768" type="General" weightage="20" keywordseo="new-launches" source="Orion">new launches</keyword> when compared to Q2FY24 due to reduced demand stemming from higher <keyword id="35507" type="General" weightage="20" keywordseo="property-prices" source="Orion">property prices</keyword> and mortgage rates. <cmsannotation type="cmsannotation" annotationid="Unsold stock declines" comment="Subhead" text="Unsold stock declines">Unsold stock declines</cmsannotation> In the reported quarter, unsold housing stocks in Tier 1 cities in India decreased to 508,464 units, down from 526,497 units in Q3 2022, marking an 11% decline, according to research data by PropEquity, an online <keyword id="6354553" type="General" weightage="20" keywordseo="real-estate" source="Orion">real estate</keyword> data and analytics platform. While Hyderabad saw a 6% increase in unsold stock among the country's top seven cities during the same period, Delhi-NCR region experienced a 7% drop in unsold stock in Q3 2023 compared to Q2 2023, with residential property sales maintaining their positive momentum post-pandemic. Indian developers are strategically focusing on reducing older unsold inventory, leading to a decrease in unsold stocks, while also launching fewer new projects. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><col /><col /><tbody><tr><td colspan="6" style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key Market Indicators - Tier 1 Cities </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indicators </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2022 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 2023 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q-o-Q </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Y-o-Y </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">New Launches </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">96,408 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,10,468 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">97,871 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-11% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Absorption </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,14,216 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,22,702 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,15,904 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-6% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">1% </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Unsold stock </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,70,932 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,26,497 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">5,08,464 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3% </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">-11% </td></tr></tbody></table> Source: PropEquity Research Says Samir Jasuja, Founder &amp; CEO of PropEquity, “Housing prices have been climbing in major Indian cities in the post-COVID years. While this upward trend in capital values is attracting investors to India's key real estate markets, there is reduction in unsold housing stock. However, due to appreciation in both prices and mortgage rates, housing demand is currently facing challenges. Going forward, if interest rates on home loans remain stable or even soften in the coming months, we anticipate an increase in housing demand." <cmsannotation type="cmsannotation" annotationid="However, bullish trend continues" comment="Subhead" text="However, bullish trend continues">However, bullish trend continues</cmsannotation> The bullish trend in the real estate market, which began in 2022, has continued into 2023. An analysis of the first three quarters shows that new property launches in Tier 1 cities have remained consistent with 2022 levels. However, what stands out is an unprecedented surge in demand, projected to reach a decade-high of 5 lakhs units. With an 8% increase in absorption compared to the previous year, the market's resilience is evident. As we approach the upcoming festive season in the next quarter, the real estate market is poised for a surge in new property launches.

New launches see decline in Q3 on back of escalating property prices

<ul><li>Total absorption witnessed in <keyword id="6730905" type="General" weightage="20" keywordseo="Tier-1-cities" source="Orion">tier-1 cities</keyword> was at 4.53 lakh units as against 1.83 lakh units in tier 2 cities in 2022. </li><li>New launches in metros stood at 3.71 lakh units while it was 1.52 lakh units in tier-2 cities. </li><li>2022 witnessed the highest launches and absorption in the last eight years. </li></ul>The sales of <keyword id="6393792" type="General" weightage="20" keywordseo="residential" source="Orion">residential</keyword> property in tier-1 cities in the country stood at more than 250% of the levels seen among tier-2 cities in 2022. The total absorption witnessed in tier-1 cities was at 4.53 lakh units as against 1.83 lakh units in tier-2 cities, according to a report by real estate consultancy, <keyword id="226991" type="General" weightage="20" keywordseo="propequity" source="Orion">PropEquity</keyword>. Even in terms of new launches of residential property, tier 1 cities outperformed the tier 2 cities by more than 240% in 2022. The new launches seen in metros were at 3.71 lakh units while it was 1.52 lakh units in the latter. “This disproportion in metros and tier 2 cities is due to employment opportunities, better infrastructure with better standard of living in tier 1 cities. Regardless of the size of the real estate industry in the two categories of cities, there are very positive developments and all round growth of the property market across the country where more and more people are finding a home of their choice and within their budgets,” says Samir Jasuja, founder and MD of PropEquity. Interestingly, 2022 witnessed the highest launches and absorption in the last eight years. Absorption crossed 4.5 lakhs residential units with only 3.7 lakhs new supply added in the same period. Inventory overhang is at all-time low with only 12 months of inventory left in top tier 1 cities in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>. This gap in inventory will encourage developers to launch new projects in the coming quarters to cater to the existing demand. In all, 2022 witnessed maximum residential property sales in the last eight years, with total absorption increasing by 28% year-on-year. These higher sales were a result of multiple factors such as increased confidence of consumers on hard assets compared to volatile assets post-Covid, and lower repo rates of 4% in the first half of the year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/consistent-with-dignity-socially-acceptable-sc-mulls-panel-to-examine-less-painful-method-of-execution/articleshow/98862566.cms">'Consistent with dignity, socially acceptable', SC mulls panel to examine less painful method of execution</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/co-infection-with-superbug-spikes-covid-virus-replication-by-15-fold/articleshow/98866674.cms">Co-infection with 'superbug' spikes Covid virus replication by 15-fold</a>

Tier-1 cities’ home sales is 2x of what it’s in tier-2 cities: PropEquity

<ul><li>The weighted average price of the homes sold in 2022 jumped by 33% as compared to 2021. </li><li>Average price of new launches in 2022 shot up by 64% as compared to the year before. </li><li>The share of the affordable homes stood at 39% and that of the luxury segment at 48% when sales were concerned. </li></ul>Delhi NCR saw brisk sales of residential homes in 2022, registering an impressive 19% jump over the previous year according to a report by real estate consultancy, PropEquity. The total sales in the region were at 32,789 units in 2022, as compared to 27,553 units in 2021. This is in spite of the fact Delhi NCR’s weighted average price of the homes sold in 2022 jumped by a whopping 33% to ₹9,512 per square feet as compared to the year before. In 2022, the average price of new launches shot up by 64% to ₹10,958 per square feet as compared to the year before. Even at higher prices, there is sizable demand and healthy absorption for these new launches. “There seemed exuberance in the property market all throughout in 2022 and the momentum seems to be continuing in 2023 as well. There are new developers entering the fray in the Delhi NCR market, while existing players continue to launch new projects,” says Samir Jasuja, founder and managing director at PropEquity. About 48% of all sales of residential property in 2022 were accounted for by the luxury segment homes – with a ticket price more than ₹1.5 crore. “Each micro market within NCR is seeing positive traction, especially in Gurugram where developers are bringing newer offerings with enhanced features of security and lifestyle. Companies are launching properties at newer price points coupled with attractive schemes and offers which are enticing for the buyers,” said Ankush Kaul, chief business officer- Ambience Group. However, Delhi NCR’s new launches showed a negative growth of 28% in 2022 at 15,699 units as compared to the preceding year. The inventory overhang (an estimate of the amount of time it would take to sell all of the current listings in an area, provided that there are no new listings) stood at 15 months at the end of 2022 on the basis of the current rate of sales. With total sales being almost twice the new launches in 2022, the inventory overhang has dropped significantly. This indicates an increasing demand post-Covid, which paves the way for new launches in the coming year. The share of luxury segment homes was the largest in both new launch and sales categories. Most of the home buyers were seen inclined more towards this segment housing in Delhi NCR. The share of the affordable segment (ticket price less than ₹75 lakh) of houses stood at 17% and that of the luxury segment was 70% among the new launches. As far as sales are concerned, the share of the affordable category of homes stood at 39% and that of the luxury segment was 48%.

Delhi-NCR property prices rose 33% in 2022, but that didn’t affect sales: PropEquity

<ul><li>Real estate experts say that housing demand will remain strong as long as home loan interest rates remain within single digits. </li><li>Affordable and mid-range housing are the most sensitive to prices, and the <keyword id="6451065" type="General" weightage="20" keywordseo="rate-hike" source="Orion">rate hike</keyword> might affect some slowdown in this segment. </li><li>Experts do not expect any significant impact on the high-end and luxury housing demand. </li></ul>The Indian housing market, which has picked up pace since the pandemic, might see a slowdown in growth momentum as the central bank raised interest rates for the fifth time this year. Prior to the beginning of the rate hike cycle in May, the base interest rate was at 4% — a factor that helped revive housing sales during the pandemic. This combined with the lockdown-fuelled love for home ownership saw a revival in housing demand. However, the trend might be cooling off, say experts, as they expect lenders to transmit the rise in interest rate to home loan consumers. After the <a href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-35-bps-taking-rates-to-a-high-of-6-25/articleshow/96045841.cms">35-basis point rate hike on December 7, </a>the repo rate now stands at 6.25%. “Currently, the rate is at its highest level since August 2018. Following four consecutive rate hikes this year, the repo rate hike will undoubtedly raise home loan interest rates. The impact on housing will be moderate as long as interest rates remain in the single digits (mainly within 8.5%). Residential sales volumes will be impacted in the months to come if they breach this point - especially in the affordable and lower mid-range housing segments,” said Samir Jasuja, founder and managing director, PropEquity – a real estate research, data and analytics company. Moreso, <a href="https://www.businessinsider.in/personal-finance/news/be-prepared-to-pay-higher-emis-no-room-for-loan-tenor-increase-after-rbis-latest-rate-hike/articleshow/96052276.cms">personal finance experts believe that the last four hike</a>s have exhausted the legroom to increase home loan tenures without an impact on EMIs. This time around, EMIs will be higher making home ownership an expensive proposition. Piyush Gupta, managing director, capital markets and investment services at Colliers India, an investment management company also said that affordable and mid-range housing are the most sensitive to prices. “We might see some slowdown in the short term, with an increase in <keyword id="11324451" type="General" weightage="20" keywordseo="housing-loan-rates" source="Orion">housing loan rates</keyword>. We do not expect a significant impact on the high-end and luxury housing demand,” said Gupta. Housing loan rates within single-digits Amit Goyal, CEO of India Sotheby's International Realty said that home loan interest rates increased by 150 basis points after the rate hikes. In spite of it, demand for residential property across the top seven cities has been very strong, he says. “We believe this momentum should continue till the home loan rate remains in the single digits. We just hope that strong GDP growth, a steady jobs scenario and an elevated capex investment cycle will keep demand for real estate intact,” says Goyal. Anuj Puri, chairman of Anarock Group too believes that as long as interest rates remain below 9.5%, it will only have a moderate impact on housing sales. “If they breach this point, we will see some real pressure on residential sales volumes in the months to come – especially in the affordable and lower mid-range housing segments,” he added. Over the last few quarters, as housing sales increased along with new launches, property rates too have been going up. According to a CREDAI – Colliers - Liases Foras report, <keyword id="35507" type="General" weightage="20" keywordseo="property-prices" source="Orion">property prices</keyword> rose 6% in the top eight cities in the September quarter compared to last year. The drivers for the price hikes are inflation and hike in input costs. The Reserve Bank of India Governor Shaktikanta Das also said that while the <a href="https://www.businessinsider.in/finance/news/rbi-downgrades-fy23-gdp-growth-projections-to-6-8-percent/articleshow/96047963.cms">battle against inflation was still on</a>, inflation is expected to come in at 6.6% in the third quarter of the current financial year, and to slow down to 5.9% in the fourth quarter. This is giving some comfort to real estate players. “The gradual decline in inflation is also expected to mitigate the input cost pressures partially and provide legroom for developers to offer competitive-value homes to buyers and keep home purchase affordability within range,” says Samantak Das, chief economist, and head of research and REIS, India, JLL. SEE ALSO <a href="https://www.businessinsider.in/personal-finance/news/be-prepared-to-pay-higher-emis-no-room-for-loan-tenor-increase-after-rbis-latest-rate-hike/articleshow/96052276.cms">Be prepared to pay higher EMIs: No room for loan tenor increase after RBI’s latest rate hike</a> <a href="https://www.businessinsider.in/finance/news/rbi-hikes-repo-rate-by-35-bps-taking-rates-to-a-high-of-6-25/articleshow/96045841.cms">RBI hikes repo rate by 35 bps, taking it to 6.25% – Das says bank has ‘Arjuna’s eye’ on inflation</a>

Rate hike to affect housing demand in the mid and affordable segments, say experts

<ul><li>There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled.</li><li>The Narendra Modi cabinet approved a ₹10,000 crore fund for distressed housing projects, and SBI and LIC will pool in another ₹15,000 crore.</li><li>A special window will be created and it will be structured as an alternative investment fund.</li></ul>The Narendra Modi government will provide ₹10,000 crore through a special window to revive stuck housing projects. This fund will be structured as an alternative investment fund under <keyword id="685088" type="ORGANIZATION" weightage="20" keywordseo="SBI-Cap">SBI Cap</keyword>. The country's largest bank, the State Bank of India (SBI), and the state-owned insurer, the Life Insurance Corporation (LIC), will bring in additional funds, taking the initial corpus to ₹25,0000 crore. This will provide relief to thousands of aggrieved home buyers who have been waiting anxiously for their homes to be delivered because the builders have run out of cash. "There are over 1.600 housing projects, and 4.58 lakh housing units, that are stalled," <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> said as she unveiled the latest decision by the Union Cabinet. Even projects that have defaulted on loans will be eligible, contrary to expectations in the run up to the decision. "Any project that has not been sent for liquidation by the bankruptcy court are also eligible" Sitharaman said. The fund is largely targeting middle and low income housing projects whose net worth is in the positive. <div type="Article" hostid="261" msid="71942852" title="Know if the home that you are waiting for can avail money from Indian government's new fund for stuck housing projects" mstype="2" mssubtype="0"></div>

 "80% of all stuck housing projects will benefit from this announcement," Samir Jasuja of PropEquity told a television channel. According to Jasuja, out of the 4.8 lakh housing units, nearly 3 lakh units are either in the national capital region around New Delhi or in the Mumbai Metropolitan region. 
 
 
 
 
 
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 <blockquote style="color: rgb(34, 34, 34); font-family: Arial, Helvetica, sans-serif; font-size: small; background-color: rgb(255, 255, 255);"></blockquote>The fund provided to developers will be kept in an escrow account— the money cannot be used by the developer for anything other than the construction of the project itself, nor can the bank use the money to recover earlier dues, the minister clarified. The calculation of net worth will be specific to the project, not at the company level. "If there are three towers in a project, and one of them is 70% is complete, and the other two haven't started yet. The money will be available only for the tower that is 70% complete not for the other two," Sitharaman explained. For instance, if the project needs ₹400 crore for completion, the money will be released to the escrow account based on milestones in completion. The real estate sector has already welcomed the decision when it was being discussed as a possibility. Finance Minister Nirmala Sitharaman also said that the government is inviting other foreign funds and sovereign funds to invest in the fund, over and above the initial ₹25,000 crore from the government of India, SBI and LIC. "I rather retrieve projects that are awaiting resolution at the NCLT (National Company Law Tribunal), get them out of there," Sitharaman said explaining the structure of the rescue fund. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/not-just-slowdown-indian-homes-sales-are-brought-down-by-shraadh-custom-and-heavy-rains/articleshow/71375256.cms" data-type="tilCustomLink" target="_blank">Not just slowdown, Indian homes sales are brought down by 'Shraadh' custom and heavy rains</a> <a href="https://www.businessinsider.in/luxury-housing-rebounds-in-india-with-almost-three-times-more-launches-after-two-years/articleshow/70584923.cms" data-type="tilCustomLink" target="_blank">Luxury housing rebounds in India with almost three times more launches after two years</a>

Indian government unveils $3.5 billion rescue fund for stuck housing projects

New Delhi, Jan 22 () Housing sales fell 9 per cent during October-December across nine cities to 60,453 units due to economic slowdown and liquidity crisis, according to a report. 
 Housing brokerage firm PropTiger recently reported 30 per cent fall in sales in nine cities during October-December quarter. However, during 2019 calendar year, realty consultants Knight Frank India and Anarock mentioned that sales rose by one per cent and 5 per cent, respectively. 
 "The absorption witnessed a dip of 9 per cent as compared to the same period last year and new launches have dropped by 10 per cent on a year-on-year basis. The downtrend observed was mainly due to economic slowdown and liquidity crisis in the market," PropEquity said in its Q4 report. 
 The nine cities tracked by PropEquity are Mumbai, Thane, Bengaluru, Kolkata, Chennai, Noida, Gurugram, Pune and Hyderabad. 
 "Residential real estate continues to be an end user driven market as ready to move-in or nearing completion properties are being preferred. Consumers are now looking for developers with excellent track records in terms of quality and execution," it added. 
 According to the data, housing sales in Pune declined 9 per cent during October-December period to 15,453 units as compared with the year-ago period. 
 Thane and Hyderabad saw 16 per cent fall at 11,933 units and 4,643 units, while Bengaluru and Mumbai witnessed 12 per cent dip each at 10,263 units and 5,996 units respectively. 
 Housing sales in Chennai too dropped 14 per cent to 3,632 units. 
 However, Kolkata saw sales rising by 26 per cent to 4,743 units. Housing sales in Gurugram rose by 19 per cent to 2,175 units and Noida by 20 per cent to 1,615 units. 
 "We expect markets to recover in 2020 and also expect government to announce positive measures in the forthcoming budget," said Samir Jasuja, founder and managing director at PropEquity.
 PE Analytics owns and operates PropEquity, which is an online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across 44 cities. MJH ANS
ANS
ANS
ANS

Housing sales down 9 pc, new supply falls 10 pc in Oct-Dec: Report

New Delhi, Jan 22 () Housing sales fell 9 per cent during October-December across nine cities to 60,453 units due to economic slowdown and liquidity crisis, according to a report. 
 Housing brokerage firm PropTiger recently reported 30 per cent fall in sales in nine cities during October-December quarter. However, during 2019 calendar year, realty consultants Knight Frank India and Anarock mentioned that sales rose by one per cent and 5 per cent, respectively. 
 "The absorption witnessed a dip of 9 per cent as compared to the same period last year and new launches have dropped by 10 per cent on a year-on-year basis. The downtrend observed was mainly due to economic slowdown and liquidity crisis in the market," PropEquity said in its Q4 report. 
 The nine cities tracked by PropEquity are Mumbai, Thane, Bengaluru, Kolkata, Chennai, Noida, Gurugram, Pune and Hyderabad. 
 "Residential real estate continues to be an end user driven market as ready to move-in or nearing completion properties are being preferred. Consumers are now looking for developers with excellent track records in terms of quality and execution," it added. 
 According to the data, housing sales in Pune declined 9 per cent during October-December period to 15,453 units as compared with the year-ago period. 
 Thane and Hyderabad saw 16 per cent fall at 11,933 units and 4,643 units, while Bengaluru and Mumbai witnessed 12 per cent dip each at 10,263 units and 5,996 units respectively. 
 Housing sales in Chennai too dropped 14 per cent to 3,632 units. 
 However, Kolkata saw sales rising by 26 per cent to 4,743 units. Housing sales in Gurugram rose by 19 per cent to 2,175 units and Noida by 20 per cent to 1,615 units. 
 "We expect markets to recover in 2020 and also expect government to announce positive measures in the forthcoming budget," said Samir Jasuja, founder and managing director at PropEquity.
 PE Analytics owns and operates PropEquity, which is an online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across 44 cities. MJH ANS
ANS

Housing sales falls 9 pc, new supply down 10 pc in Oct-Dec: Report

New Delhi, Dec 5 () Cash-starved realtors expressed disappointment over the RBI's decision on Thursday to keep the benchmark lending rate unchanged and said the apex bank should have cut repo rate by 1 percentage point to boost housing sales and economic growth.
 "India Inc. was expecting a rate cut of 100 basis points instead of small tinkering such as a rate cut of 25 basis points, which would have provided a boost to the government's recent initiatives to kick-start GDP growth," NAREDCO President Niranjan Hiranandani said.
 "The decision to wait and watch the outplay of previous cuts will go against the current sentiments. The markets overall are disappointed," he said, adding that real estate developers are facing liquidity crunch.
 Knight FRank India CMD Shishir Baijal said the RBI's decision to not lower interest rate has come "as a surprise and a bit of a disappointment to the industry".
 "Lower interest rate would have helped push up credit demand and investment in the economy, aiding overall economic growth. It would have provided much required reprieve to some ailing sectors like real estate and auto," he added.
 Anarock Chairman Anuj Puri said, "From a real estate point of view, rate cuts are obviously always welcome as they help improve overall sentiment. The expected rate cut of 25 basis points would have caused home loan values to fall below 8 per cent for first time ever".
 Sanjay Dutt, MD &amp; CEO, Tata Realty &amp; Infrastructure Ltd said, "This time while the focus of the RBI remains to be on reviving the economy, we are disappointed to see no change in the policy rate".
 The real estate industry, in particular, has been facing some difficult times and with inventories piling up the need to push demand and encourage purchase is now more than ever, he added.
 However, Anshuman Magazine, Chairman &amp; CEO - India, South East Asia, Middle East &amp; Africa, CBRE, said the RBI's decision to keep the repo rate unchanged is an indication towards the government's focus on the evolving inflation-growth dynamics.
 JLL India CEO &amp; Country Head Ramesh Nair said the central bank by keeping the rates unchanged has recognised that the need of the hour is to infuse confidence about the economic growth through a holistic approach.
 "The decision to maintain policy rates augurs well for the economy as the recently introduced policy reforms will take time to pan out and materialise. The economy needs to absorb the impact of the recently introduced reforms and the previous rate cuts. The real estate sector is expected to pick up due to the favourable policy incentives and the faster transmission of previous rate cuts," he added.
 With concern over rising food prices, Elara Technologies CEO Dhruv Agarwala said, "Under the circumstances, the apex bank had little option but to maintain status quo with regard to the repo rate."
 News Corp and Softbank-backed Elara Technologies owns Housing.com, PropTiger.com and Makaan.com real estate portals.
 Sankey Prasad, Managing Director &amp; Chairman, Colliers International India, said the government along with industry experts should identify and resolve other sensitive issues effecting the sector.
 Gaurs group MD Manoj Gaur stressed on effective transmission of 135 basis point cut in repo rate this year.
 Amit Modi, Director, ABA Corp and President (Elect), CREDAI Western Uttar Pradesh said: "By maintaining the status quo, the RBI has given some kind of surprise after a long time. Unfortunately, it is contrary to our expectation.
 "Industry was expecting a rate cut as that would have somewhat provided a positive sentiment to the housing sector. Any positive news on borrowing interest rates would have provided the sector an upward trigger," said Samir Jasuja, Founder and MD, PropEquity.
 Sakshee Katiyal, CEO, Home and Soul said the industry is disappointed with the RBI's decision as real estate sector is facing huge demand slowdown. MJH MR

Realty players express disappointment over RBI decision to hold rates

<ul><li>Reports say that $38 billion worth of <keyword id="8399127" type="UNKNOWN" weightage="20" keywordseo="loans-to-real-estate">loans to real estate</keyword> are in trouble.</li><li>Experts claim that $58 billion loans – which make up for 62% of total loans⁠— are stress-free.</li><li>A consultant report blames RERA ‘regulations’ for the many <keyword id="1241568" type="PERSON" weightage="20" keywordseo="bankruptcies">bankruptcies</keyword> in the sector. </li></ul>As much as $38 billion worth of loans⁠— nearly one in every rupee lent⁠— to real estate are in trouble. And it is not fair to blame the smaller <keyword id="6385582" type="UNKNOWN" weightage="20" keywordseo="builders">builders</keyword> alone. Nearly one in three bigger builders, or Grade A as they are called, are also facing ‘severe stress’ in repaying the loans. 
 
 
 
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 The only thing making this huge pile of potential bad loans better is the disaster waiting to happen in telecom. Real estate sector is taking heart from the fact that two telecom players⁠— Vodafone-Idea and Airtel⁠— were hit with deferred spectrum dues of ₹92,000 crore ($15 billion) at a time when the top three telecom players <a href="https://www.businessinsider.in/mukesh-ambanis-telecom-war-escalates-telecom-industry-debt-to-3-9-lakh-crore/articleshow/70906000.cms">have combined debt of over ₹3.9 lakh crore</a> (over $55 billion). “In the telecom or steel industries, default by a single company alone equals a sizable portion of the overall stress in the real estate sector. Also, every <keyword id="8399128" type="UNKNOWN" weightage="20" keywordseo="real-estate-loan">real estate loan</keyword> is backed by hard security, which is anywhere between 1.5 times to 2 times. Even if defaulting developers decide to sell their real estate at a discount, there is enough margin for them to pay back,” said Shobhit Agarwal, MD &amp; CEO of Anarock Capital. This is a case of pot calling the kettle black. Real estate is struggling to survive playing by the rules Agarwal also went ahead and blamed ‘regulations’ for the defaults in the sector. “One prime reason was that sluggish residential sales over the last few years completely dried up cash flows for many developers, resulting in unsold inventory pile-up and, thus, their inability to service their loans. Moreover, some developers have even filed for bankruptcy in the backdrop of stricter regulatory norms under RERA,” he said in a press release. But these rules were brought in to clean up the sector that had become infamous as the home to ill-gotten wealth. The domino effect is taking financiers down too The property consultant believes that only $16 billion worth loans are under ‘severe’ stress while $21 billion is under ‘some pressure’. Nearly a third of total realty loans are in the books of housing finance companies and non-banking financial companies and these are sectors that are already struggling to survive.. And it comes as no surprise that 58% of total <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> book of NBFCs are in trouble. The Anarock report also pointed out that the amount that is being lent to the sector has shrunk after IL&amp;FS default since most of their funds come from NBFCs and HFCs who are facing a liquidity crisis themselves. Will the government stimulus for real estate help? The government itself is not shy of lending to the sector, and more so to trouble housing projects. In November, Union finance minister Nirmala Sitharaman decided to give a handout to sector whose sales have been slowing for the last four years with small spurts of growth in between. The government launched a ₹25,000 crore ($3.5 billion) rescue fund for the sector along with India’s largest bank --SBI and India’s largest insurer - LIC. As many as 1,600 housing projects and 4.58 lakh housing units that are stalled. But government too is careful of what ‘kind’ of stressed projects that it is lending to and allowed no free-for-alls. “The project must have a positive net worth. This depends on the demand for the project and expected cash flow from home buyers,” Sitharaman told the press conference. According Samir Jasuja of PropEquity, “As much as 80% of all the housing sector projects which are stuck will gain from the announcement.” Moreover, he also said that 3 lakh crore of stuck housing projects are in Delhi-NCR and Mumbai metropolitan region. It is yet to be seen as to how much this fund will help the troubled sector.

Nearly one in three Rupees lent to builders is unlikely to come back

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

Nationwide lockdown to impact housing sales, say realtors

<img class="gwt-Image" src="/photo/48996695.cms" /> 
<a href="http://www.businessinsider.in/searchresult.cms?query=south+india">Tier II cities in south India</a> are emerging as out and out winner when it comes to progress. Tremendous growth potential is one of the prime factors behind this. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=kochi">Kochi in Kerala</a> has outperformed their northern peers as top residential <a href="http://www.businessinsider.in/searchresult.cms?query=real+estate+">real estate</a> destinations, as per a study by property research firm PropEquity. 
 
"Much like tier I cities, northern tier II cities are also marred by project delays, expensive properties and a demand and supply mismatch," said Samir Jasuja, managing director and founder, PropEquity, adding, "Southern India has traditionally been an end users market, which has kept its property prices in check and relatively affordable." 
 
Among the top 10 tier II cities for real estate investment, Vishakapatnam (rank 3), Thiruvananthapuram (5), Mangalore (7), Goa (9) and<a href="http://www.businessinsider.in/searchresult.cms?query=+Coimbatore+"> Coimbatore</a> (10) have found their deserved place. However, from the northern part of India, only Jaipur has managed to rank 6th in the top 10 list. 
The bottom four cities were all north Indian cities - of Agra, Lucknow, Bhiwadi and Mohali. Kochi is followed by Nashik at 2 and Vadodara at 4, both from western India. Regionally, south is at the top, followed by west and central India. Despite a significant slowdown in the sector across India over the last two years, from March 2013 to March 2015 the launch prices have continued to rise unabated for most tier II cities.

You Searched For "Samir Jasuja" and got 13 results

Sales of residential properties rose 24% in July-September this year: Report

Vaamanaa Sethi

Most luxury home sales came from Mumbai, and its suburb Thane leads in affordable homes

Eetika Kapoor

New launches see decline in Q3 on back of escalating property prices

Anagh Pal

Tier-1 cities’ home sales is 2x of what it’s in tier-2 cities: PropEquity

Anagh Pal

Delhi-NCR property prices rose 33% in 2022, but that didn’t affect sales: PropEquity

Anagh Pal

Rate hike to affect housing demand in the mid and affordable segments, say experts

Katya Naidu

Indian government unveils $3.5 billion rescue fund for stuck housing projects

Sriram Iyer

Housing sales down 9 pc, new supply falls 10 pc in Oct-Dec: Report

PTI

Housing sales falls 9 pc, new supply down 10 pc in Oct-Dec: Report

PTI

Realty players express disappointment over RBI decision to hold rates

PTI

Nearly one in three Rupees lent to builders is unlikely to come back

Katya Naidu

Nationwide lockdown to impact housing sales, say realtors

PTI

Want to invest in real estate? Think Kochi

BI India Bureau