Pune: Despite the recent increase in home loan rates, global economic uncertainties, and job layoffs in private companies, the sale of houses continues to rise. In the second quarter of this year, there has been a remarkable 36 percent increase in house sales across seven metro cities in India.
Pune has witnessed the highest surge, with a staggering 65 percent increase in house sales, according to a report by Anarock Research covering the period from April to June. The report focuses on cities including Delhi, Mumbai, Pune, Bengaluru, Kolkata, Chennai, and Hyderabad. Despite the rise in interest rates due to the Reserve Bank of India’s measures and the challenging economic climate worldwide, the second quarter has seen a significant boost in house sales.
During this period, a total of 115,000 houses were sold across the seven metro cities, compared to 84,940 houses sold during the same period last year, indicating a substantial 36 percent increase. Mumbai and Pune account for 51 percent of the total house sales, with 58,770 houses sold in these two cities alone. Pune has experienced the highest growth rate, with a 65 percent increase in house sales. Last year, 12,500 houses were sold in Pune during the second quarter, while this year the number has reached 20,680.
Nationally, house sales during the second quarter have crossed the 1 million mark, showing a 25 percent increase compared to last year’s 821,500 houses sold during the same period. Mumbai and Pune collectively contribute 31 percent and 29 percent, respectively, to the overall house sales.
“The rise in loan rates has not had a significant impact on the housing sector. Despite the global economic challenges, the sale of houses is on the rise, reaching record levels in the seven metro cities,” said Anuj Puri, Chairman of Anarock Group.
City-wise House Sales (Percentage Increase):
- Pune: 20,680 (65%)
- Mumbai: 38,090 (48%)
- Chennai: 5,490 (44%)
- Bengaluru: 15,050 (31%)
- Hyderabad: 13,570 (21%)
- Kolkata: 5,780 (20%)
- Delhi: 16,450 (7%)
The remarkable surge in house sales in Pune highlights the resilience of the real estate market in the face of economic challenges, and it reflects the strong demand for housing in the city. As the market continues to show promising growth, it brings positive news for both buyers and developers alike.
