Property prices are likely to appreciate by 5-10 per cent next year while housing sales are likely to reach pre-Covid level soon, said property a consultant.

 

During January-September 2021, 1.45 lakh units were sold, which is 5% higher than of last year, said the property consultant. “New supply and sales may reach 2019 levels by the next year i.e. 2022. Interest rates may start inching up from H2 of 2022. Prices may further appreciate in the range of 5-10%” said the property consultant.

 

More demand for houses priced between Rs 40 lakh and Rs 1.5 crore

With work from home and online schooling becoming the new normal, there was a high demand for larger houses and as a result, mid-segment (units priced between RS 40 – 80 lakh) and high-end (units priced between Rs 80 lakh – Rs 1.5 Cr) did exceptionally well. Altogether, around 65% of the supply between Jan – Sep 2021 came in these segments.

 

Data from property consulting firm shows a 105 per cent rise in sales for properties priced in the Rs 50-lakh to Rs 1 crore bracket in the first half of financial year 2022 when compared to year ago period.

 

The top listed and non-listed developers with good corporate governance practices, financial accountability, trust, and brand witnessed very good sales.

 

Home loans have rebounded

There has also been a rebound in home loan demand in the last quarter of the current calendar year. “2021 was the year of the turnaround after the pandemic for home loans. Despite reversals from the second wave of the pandemic, the year has been a time of growth,” said a report by Bank bazaar.

 

The average ticket size for home loans increased to Rs 28.43 lakh in the first quarter of 2021 from Rs 27.74 lakh in the previous quarter. From the third quarter onwards, the ticket sizes have picked up again, the report said.

 

Source: https://realty.economictimes.indiatimes.com/