Ram Raheja, Managing Director, S Raheja Realty expressed, “August 2022 has showcased a MOM decade high as it recorded a 18% rise YOY. Traditionally there is a drop in registrations in August, but the strong demand and positive sentiment has helped the momentum. Western Mumbai has seen rewarding growth considering the implementation of metro access and the luxury housing segment has shown a stable demand since April in the Khar – Bandra – Santacruz belt.
Home buyers have preferred to invest in residential projects primarily in Western Suburbs since developers are providing technological advancements, extravagant condos, and luxurious lifestyles as they are on a selling binge in the district, keeping record deals and leaving a peculiar imprint on the real estate sector.”
Arun Sharma - Head of Sales and Marketing - Viceroy Properties LLP said, “The August sales number witnessed a rise of nearly 20% YoY. The number of registrations recorded for August last year was 6784 units. The month of August, this year, has witnessed a low in terms of demand for real estate as compared to July, 2022. The drop in demand is primarily due to the heavy rise in interest rates, and inflationary pressure. The RBI has hiked rates by 140 bps since May 2022 to control the high inflation. Along with the interest rates, the RBI has also taken measures to drain out the system liquidity, such as unwinding its easy monetary policy.
Home units above 500 sq. ft. of area and costing upwards of Rs. 1 Cr. accounted for the bulk of the registrations, this indicates a steady and continuous demand for spacious homes which indicates that there will be enough demand for quality projects developed by reputed names.
The RBI has done heavy front-loading in terms of the rate hikes and most of the adverse news development is behind us. We expect the demand for real estate to pick up due to the festive season spending from here on. The current economic matrix indicates steady growth for India in the fiscal years 23 and 24.”