Home sales in Delhi-Ncr rose 2.5 times between January and June, but prices rose 7%: report

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Thanks to a resurgence in demand and a reduced base effect, home sales in Delhi-NCR rose 2.5 times a year between January and June, while prices rose 7%, according to the consultant. real estate Knight Frank India.

The consultancy reported in its latest semi-annual report, “India Real Estate: Residential and Office Market H1 2022” that sales of residential properties rose to 29,101 units in January-June this year from 11,474 units during of the same period of 2021. .

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According to the report, the second wave of the COVID-19 pandemic had a negative impact on sales during the first part of calendar year 2021. The number of new housing starts increased significantly throughout of the period considered, increasing from 2,943 to 28,726 units.

During the period January to June 2022, the price of a square foot of housing has increased by 7% per annum to Rs 4,437. Despite better sales results, there were 95,811 fewer residential properties on the market, a decrease of 6%.

“In the first half of 2022, NCR’s residential market maintained demand momentum with half-year sales of 29,101 units. This is the highest sales recorded in a half-year period since the second half of 2013.” , says the report. With the prevalence of low interest rates on home loans for most of the first half of 2022, Knight Frank India noted that sustained homebuyer interest was maintained in the residential market.

The consultancy said several developers have recently hiked home prices to offset rising input costs. “Over the past six months, the impact of rising input costs for cement and steel has driven residential product prices in the NCR up very steeply. Due to current demand dynamics , prices have firmed in many places,” the report said. Noted.

“A significant increase in office rental velocity was seen during this period despite the short duration of the third wave of the pandemic which had minimal impact on occupant mobility and mindset,” indicates the report. During the period January to June 2022, Gurugram accounted for 2.9 million square feet of office space rental, which was the highest in other areas of the NCR.

Gurugram’s share of NCR’s overall leasing has increased sequentially over the past year. “From 52% in the first half of 2021, it rose to 64% in the second half of 2021 and stood at 71% of the total at the end of the first half of 2022,” the report said.

At the end of the first half of 2022 period, NCR’s office vacancy decreased by 204 basis points and stood at 14.4%, he added.

According to Knight Frank India, falling mortgage rates and falling base effects were the main drivers of the 60% annual increase in home sales that occurred in eight major cities from January to June this year. , totaling 1,58,705 units. This is the strongest half-yearly demand in nine years.

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