The real estate sector witnessed a robust demand during June and July 2021 with the residential sales surging 83 percent YoY. Meanwhile, property registration in Mumbai also jumped to a 10-year high.
Anuj Puri, Chairman of ANAROCK Property Consultants believes that investors are using gains from the stock market to buy real estate.
Speaking to CNBC-TV18, Puri said, “Indian residential market is sizzling at this point in time and in select products, prices are going to go up. Those products where there is a financial closure, those inventories which are either completed because that is where the rush is or within 6-9 months of completion those inventories where the financial closure has already happened and that is where we are going to see price rise happening.”
“Therefore, it is not going to be across the board that we are going to see a price rise happening. It is going to be only where there has been a good sales momentum and the financial closure has happened and the inventories largely towards completion or completed – that’s where we are going to see a 5-7 percent rise leading up to Diwali,” added Puri.
Meanwhile, Radha Dhir, CEO & Country Head-India at JLL said that the affordable housing segment witnessed new launches and better sales.
“We saw 40 percent of sales in Mumbai were between Rs 50 lakh and Rs 1 crore segment and most of the launches took place in Rs 1-2 crore segment,” she said.
For the entire discussion, watch the video