Home sales in the country’s seven major cities increased 75 percent year-over-year in the first half of 2021, supported by policy support from central and various state governments and a reduction in home loan interest rates. This information is provided in the report of a leading consulting company in the real estate sector.
This growth trend in home sales is expected to continue in the next few quarters, according to a report by CBRE South Asia Private Limited on the residential real estate sector in India. According to the report, in the first half of 2021 (from January to June 2021), Pune was in the forefront of accounting for 26 per cent of the total sales of residential flats in seven major cities. Mumbai accounts for 19 per cent, Hyderabad 18 per cent and Delhi-NCR 15 per cent.
Sales are higher because of the exemption in stamp duty and property taxes
CBRE India and South-East Asia President Anuman Magazine said, “The housing sector has played a key role in the real estate sector growth in India. It has taken measures such as stamp duty reduction and exemption in property tax to promote.
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Several measures have been taken at the central government level, as well as lowering the interest rate on home loans, which has stimulated housing sales. Developers of housing projects offered various incentives to attract buyers. All of these measures began to provide better indicators in the housing sector from the fourth quarter of 2020 onwards. During the period, residential sales grew 73 percent year-over-year in the quarter. This growth trend continued in the first half of 2021, and residential sales grew 75 percent year-on-year.
