+
 Property costs likely to increase by 5-10% in 2022: Anarock
Real Estate

Property costs likely to increase by 5-10% in 2022: Anarock

Property costs are likely to increase by 5-10% in 2022, while property sales are likely to touch pre-Covid levels shortly, said property consultant Anarock.

Last year, housing sales reached 1.38 lakh units, decreased by 60% from the last peak of 2014. This large-scale drop showed that the Indian residential market had bottomed out last year and was likely to enter a long-term upcycle from 2021 onwards. During January-September 2021, 1.45 lakh houses were sold, which is 5% more than last year, said Anarock.

New supply and sales may touch 2019 levels by 2022. Interest rates may commence surging from H2 of 2022. Costs may increase in the range of 5-10%, Anarock Chairman Anuj Puri told the media.

With work from home and online schooling becoming the new normal, there was a high demand for bigger homes, and as a result, mid-segment (houses valued between Rs 40 - 80 lakh) and high-end (houses valued between Rs 80 lakh – Rs 1.5 crore) did extremely well. Overall, nearly 65% of the supply between January to September 2021 came in these segments.

According to Anarock's latest consumer sentiment survey, there was an increase in the preference for houses valued at more than Rs 90 Lakh. During the first wave, 27% of the respondents chose housing units priced more than Rs 90 Lakh, which rose to 38% during the second wave.

Data from property consulting firm Liases Foras reveals a 105% increase in property sales valued in the Rs 50-lakh to Rs 1 crore bracket in the first half of the financial year 2022 as against the year-ago period.

Image Source

Also read: Maharashtra property registration revenue at Rs 7,507 cr in Q2

Property costs are likely to increase by 5-10% in 2022, while property sales are likely to touch pre-Covid levels shortly, said property consultant Anarock. Last year, housing sales reached 1.38 lakh units, decreased by 60% from the last peak of 2014. This large-scale drop showed that the Indian residential market had bottomed out last year and was likely to enter a long-term upcycle from 2021 onwards. During January-September 2021, 1.45 lakh houses were sold, which is 5% more than last year, said Anarock. New supply and sales may touch 2019 levels by 2022. Interest rates may commence surging from H2 of 2022. Costs may increase in the range of 5-10%, Anarock Chairman Anuj Puri told the media. With work from home and online schooling becoming the new normal, there was a high demand for bigger homes, and as a result, mid-segment (houses valued between Rs 40 - 80 lakh) and high-end (houses valued between Rs 80 lakh – Rs 1.5 crore) did extremely well. Overall, nearly 65% of the supply between January to September 2021 came in these segments. According to Anarock's latest consumer sentiment survey, there was an increase in the preference for houses valued at more than Rs 90 Lakh. During the first wave, 27% of the respondents chose housing units priced more than Rs 90 Lakh, which rose to 38% during the second wave. Data from property consulting firm Liases Foras reveals a 105% increase in property sales valued in the Rs 50-lakh to Rs 1 crore bracket in the first half of the financial year 2022 as against the year-ago period. Image Source Also read: Maharashtra property registration revenue at Rs 7,507 cr in Q2

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?