Housing sales for the year breach pre-Covid levels

India's residential market is reportedly expected to sustain momentum despite rise in mortgage and property rates as sales this year across the top seven cities are likely to breach pre-pandemic level of 262,000 units. Following the four back-to-back disruptions in form of demonetisation, RERA, GST and COVID-19 in the last 6 years, the housing market is going through a lot of structural changes and is now at the start of a long-term upcycle, as per reports. Homebuyers body FPCE gives credit to the Real Estate Regulatory Authority (RERA) under the Real Estate (Regulation & Development) Act, 2016 for this improved buying sentiment. All major listed real estate developers have posted record sales bookings in the last fiscal and have given guidance that their sales numbers in FY'23 will be even better.