Bengaluru Leads The Way As Q1 2023 Sees Robust Growth In Indian Housing Market

Spread the love

Indian Real Estate Market Sees Significant Growth In Q1 2023

According to a report by JLL India, sales of apartments in January-March across seven major cities in India have increased by 20% to 62,040 units, marking the highest quarterly sales in the last 15 years. This growth in the Indian residential market in Q1 2023 was driven by several factors, including infrastructure growth, government policies, and robust launches. The top three cities in terms of quarterly sales were Bengaluru, Mumbai, and Pune, with Bengaluru leading the market with a 21% share.

The premium segment of apartments priced above Rs 1.5 crore had a 22% share in overall sales, reflecting rising demand for bigger homes with good amenities and support infrastructure.

75,000 Residential Units Launched In Q1 2023

The report also showed that there was an increase in new launches, with developers taking advantage of robust sales, thanks to the resilience seen in the Indian economy. In the first quarter of 2023, 75,000 residential units were launched, the highest number in over a decade and close to the previous high of 82,757 units in 2012. Most of the new launches were in the premium segment, which includes apartments priced above Rs 1.50 crore, accounting for 27% of all launches.

However, the rise in prices is seen across the spectrum of projects that have high demand and less ready-to-move inventory. Even new phases of existing housing projects are being launched at higher prices, making it harder for people to afford homes. The share of affordable apartments priced below Rs 50 lakh in quarterly sales decreased from 22% in Q1 of 2022 to 18% in Q1 of 2023.

An assessment of years to sell (YTS) shows that the expected time to liquidate the stock has declined from 2.9 years in Q4 of 2022 to 2.7 years in Q1 of 2022, indicating robust sales growth.

Luxury Housing Demand Rises

“In Q1 of 2023, the residential sector in India experienced significant growth and became a prominent contributor to the country’s economy. The recovery trend since last year has brought about a remarkable revival in the market, with quarterly sales exceeding all historical peaks and continuing to grow. This growth has been fuelled by a collective effort of all stakeholders, who swiftly adapted to changing consumer preferences. As branded developers stepped up their game and delivered supply, both residential sales and launches reached unprecedented levels. The sales of over 62,000 units in the first quarter of this year signify a new era in the evolution of the residential market, with new benchmarks being set,” said Siva Krishnan, Head – Residential Services, India, JLL.

“Despite a 250 basis-point increase in the repo rate by the RBI since May 2022, the residential sector has shown strong growth in the first quarter of 2023. Sales figures indicate that the affordable, mid, and premium segments are all performing well. Delhi NCR and Mumbai have seen the maximum sales for apartments priced over Rs 1.5 crore and have also had significant launches in the premium segment. This has led to record sales for some new launches by renowned developers,” said Samantak Das, Chief Economist, and Head Research & REIS, India, JLL.

The demand-side growth in the residential segment of Thane has been robust throughout 2022, despite the RBI increasing the benchmark lending rates consistently. Hence, if you are too slow to make your move, you might just miss the bus, believe experts. Furthermore, a recent report by Savills India also pointed out that Thane witnessed a significant increase of three-eight per cent YoY on account of consistent demand for completed as well as under-construction properties.

Vinod Mishra, an asset advisor feels that the stream of consistent launches in the last six months or so have been one of the key drivers for price rise in the market. “Areas like Kolshet Road, Pokhran, Majiwada, etc are seeing a lot of new launches in the Rs 50 lakh category, which has influenced a lot of buyers to opt for the new stock rather than the old one. Besides, the prices in various micro-markets of Thane are still affordable as compared to the rest of Mumbai, which makes Thane a more exciting and attractive market,” mentions Mishra. Thane also has a long tradition of civic participation, with citizens actively involved in shaping the city’s future, which had further contributed to the rise in popularity of the locality and impacted the prices of homes. 

One of the ways in which Thane residents participate in the city’s affairs is through local governance. The Thane Municipal Corporation (TMC) has a robust system of citizen participation, with various committees and councils that allow residents to voice their opinions and concerns. These committees cover areas such as public health, education, urban planning, and social welfare, and they play a crucial role in shaping the city’s policies.

Thane’s citizens also participate in various community-driven initiatives. Many residents are actively involved in environmental campaigns, organising tree-planting drives and waste management programmes. Others volunteer for social causes such as supporting disadvantaged children, providing healthcare to the underprivileged, and helping the elderly. Many residents also actively participate in the city’s development, offering their expertise and resources to support new infrastructure projects. This includes everything from funding new public parks to building new roads and bridges.

Abhijit Bhangar, TMC commissioner is also elated to see the active participation of the citizens. He says, “Thane has a strong tradition of engaging with civic authorities and this ensures that issues are resolved faster and provides us [as planners] real-time feedback on what’s working and what’s not. There are a lot of projects that we are currently working on [from road-widening to building public toilets]and the constant push by the people ensures that we don’t miss our deadlines.”

Cooling House In Summer

When the temperature starts to rise during the summer months, it’s important to keep your home cool and comfortable. One of the most effective ways to cool your home is by using an air conditioner but air conditioners bring the cost of your bills up. Keeping your house cool in the summer might result in higher energy expenses. Furthermore, in the face of rising power bills, you may already be breaking out in a cold sweat just thinking about how much it will cost to keep the air conditioner on. 

Yet, being rational about the costs does not imply surrendering oneself to a summer without air conditioning. With a few modest adjustments to your house and habits, you can stay cool while keeping your energy bills under control.

Keeping your house cool during summer is important for both comfort and health. Here are a few ways to cool your house during the hot summer months:

Cool Your Home This Summer With These Easy Tips And Tricks

Below are a few points to help you keep your mind and your home both cool this summer. 

Adjust Your Ceiling Fans To Rotate Counter-Clockwise

Image Source: iStock
A ceiling fan is not a set-it-and-forget-it piece of equipment. In the summer, turn the fan blades counter-clockwise (as you gaze up) to push the air straight down. On really hot days, increase the fan speed. Make sure that the fan is clean and all the parts like the regulator of the fan are up to date so you can get the maximum air out of it. 

Defeat Attic Heat

Many of the things that make your home warm in the winter also keep it cool in the summer. Insulation, for example, decreases energy expenditures by keeping cold air in and heat out. Proper ventilation, insulation, and a reflective roof can help defeat attic heat. Additionally, sealing air leaks, shading your roof, and using an attic fan are other effective measures.

Hack A Fan

You can make a fake ocean wind using a fan and a dish of ice. Just place a mixing bowl filled with ice or an ice pack in front of a fan. When you turn on the fan, the air will have the effect of a cool, misty breeze.

Install Cooling Curtains

When opening all the windows isn’t enough, sprinkle a sheet with cold water and place it over the window’s opening. The breeze will hit the sheet and flow through the chilly, moist cloth, helping to cool down a room without air conditioning.

Consider Using Insulated Window Films

Window films have several benefits, including reduced energy expenditures and more privacy while still allowing you to enjoy the view and light of the great outdoors. They can give up to 98 percent infrared heat reduction compared to unprotected windows and decrease temperature imbalances in your house.

Install An Awning

Placing an awning above your windows helps protect your property from the sun’s beams. This will limit the quantity of heat that your home absorbs.

Get Rid Of Incandescent Lights

Incandescent lights lose an estimated 90% of their energy in the heat they create, so if you’re attempting to cool down a room without air conditioning, modest changes like switching to compact fluorescent lamps may make a great difference while also cutting your energy cost!

Improve The Efficiency Of Your Ducts

Installing a duct booster fan, with its simple plug-in and power-on design, may draw extra cold air into a heated area. Simply select the appropriate design, install it in the register vent, and plug it in for a quick and easy way to cool your room.

Try Planting Vines

Planting vines will function similarly to putting up an awning. Ivy and other vines grow swiftly and give shade. The climbers lower temperatures by obstructing sunlight, which warms up the external walls.

Open Windows At Night

Use those windy summer evenings to your advantage by opening your windows at night to create a cross-breeze that will help you and your family sleep better. The colder air will flow throughout the night, letting you wake up to a cool environment.


Be the first to comment on "Bengaluru Leads The Way As Q1 2023 Sees Robust Growth In Indian Housing Market"

Leave a comment

Your email address will not be published.