Trend is changing in real estate, buying is increasing in new projects instead of old ones
According to the report of Anarock, homebuyers are now getting more attracted towards new projects instead of old ones. In 2021, 2.37 lakh homes were sold in the top seven cities, of which 34 per cent were from new projects.
Increased buyers’ craze towards new projects.
In the top seven cities of the country in 2021 residential units ,Residential PropertyThe share of new projects in total sales has been around 34 per cent. Property consulting firm Anarock said this was due to new supply from well-known developers and increased investor demand. In its report released on Thursday, Anarock said that in the top seven cities in 2021, 2.37 lakh sale of houses ,Real Estate) of which 34 per cent were from new projects. The remaining 66 per cent of the units were in the projects started earlier. The seven cities where the company tracks sales figures are Delhi-NCR, Mumbai Metropolitan Region, Pune, Kolkata, Bengaluru, Chennai and Hyderabad.
In the year 2020, a total of 1.38 lakh housing units were sold in these seven cities, of which 28 per cent were from projects started in the same year. New projects accounted for 26 per cent of the total 2.61 lakh homes sold in 2019. Anarock said, “The demand for homes in new projects has started coming back, before that for a long time the demand was only for ready-made units.”
Highest sales were in Hyderabad
The maximum sales of new units in these cities were in Hyderabad. Home sales here stood at 25,410 units in 2021, of which 55 per cent were from projects started in the same year. The demand for new units was the lowest in the Mumbai Metropolitan Region, accounting for just 26 per cent of the total sales of 76,400 units in 2021. Anuj Puri, Chairman, Anarock, said, “The priority of the customers is still ready houses, although the scale of demand is slowly changing.”
3 times jump in foreign investment in real estate
Real estate sector is witnessing boom. It is believed that demand will remain in the Indian real estate market in the year 2022. The real estate outlook of this sector has been very strong for the last few years. This is the reason why foreign investors are also investing in the Indian real estate sector. Foreign investment in the country’s real estate sector has more than tripled to $23.9 billion from 2017 to 2021 compared to the previous five years. Real estate consulting company Colliers and industry body Federation of Indian Commerce and Industry (FICCI) had given this information in another report recently.
Foreign investment reached $24 billion
According to the data, foreign investment in the country’s real estate sector increased to $23.9 billion during the period 2017 to 2021, from $7.5 billion between the period 2012 to 2016. The total investment in the Indian real estate sector during 2012 to 2021 increased to $49.4 billion. In this, the share of foreign investors is 64 percent.
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