IANS | 19 Jun, 2024
With disposable income continuing to rise amid changing lifestyle
preferences, more and more Indians in metros are purchasing high-value, premium
properties than ever before.
There has been a surge in the sale of properties valued Rs 1 crore and
above across top cities and in the first quarter this year, these premium
properties constituted 37 per cent of all transactions -- a significant rise
from 16 per cent in the same period in the pre-pandemic 2019.
According to a report by PropTiger.com, owned by REA India, there has
been a substantial growth (50-55 per cent) in demand within the Rs 1-Rs 5 crore
price bracket in the January-March period this year.
It was closely followed by the Rs 5-Rs 10 crore range, especially in
cities like Mumbai, Gurugram and Bengaluru.
According to the report, this trend signals promising opportunities for
investors and stakeholders.
“Aspirations are evolving, with homebuyers seeking residences equipped
with modern amenities and spacious layouts. This shift towards larger,
amenity-rich homes contributes to the uptrend in property prices,” said Vikas
Wadhawan, group CFO of PropTiger.com and Housing.com.
It’s evident that the market is moving towards a positive trajectory,
driven by the evolving preferences of discerning buyers.
The report highlighted a 41 per cent increase (year-on-year) in
residential sales, setting a record high for the first quarter with a total of
120,640 units sold nationwide.
According to Anarock research, around 8.25 lakh new homes were launched
and 8.72 lakh units were sold during the last two financial years.
After the 2019 elections, average residential prices across the top
seven cities have appreciated at a CAGR of 6 per cent -- rising from Rs 5,600
per sq feet in June 2019 to Rs 7,550 per sq feet by the end of FY2024.
For investors seeking to preserve and grow their wealth amid
inflationary pressures, real estate has emerged as a popular hedge, according
to Anarock research.
--IANS