New Delhi [India], July 20 (ANI): Any further rise in interest rates may play a downside risk for overall demand in the Indian real estate sector during the second half of 2022, realty consultant Anarack said in its latest report.
In order to contain rising inflation, the Reserve Bank of India along with other central banks has been raising interest rates.
“Going forward, we anticipate demand to remain steady and be driven primarily by end-users, so there won’t be any unnatural speculative spikes,” the report said.
A rise in input costs for construction could lead to a further upward revision of real estate prices between 5-8 per cent in 2022.
However, the new pandemic-infused desire for homeownership will remain strong throughout the year, it added.
“A host of other factors such as the continued all-time best affordability of homes, lucrative home loan rates despite a slight rise, controlled launches, higher prominence of organized players, and the momentum of Indian economy, also point that the residential sector will emerge stronger in the times to come,” it said.
In the first half of the financial year 2022-23, more than 1.71 lakh units were launched in the top 7 cities, which is at least 74 per cent more than the same period last year, the consultant said.
While housing sales in the first half of 2022 by a whopping 123 per cent to around 1.84 lakh units. (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.
Source: The Print
