Real Estates Growth: The demand for the real estate sector has started showing a spurt. The sale of houses is showing momentum due to reduction in home loan rate by banks and reduction in stamp duty by some state governments. According to the report of CBRE South Asia Pvt Ltd’s India Market Monitor for the third quarter (‘India Market Monitor – Q3 2021′ report.), there has been a 46 percent increase in the sales of houses as compared to the second quarter. During this quarter, the sale of houses reached 50 thousand units.
Increase in office leasing
According to the report, there has been an increase in office leasing. Office leasing increased to 13.5 million sq ft in the third quarter. It has registered an increase of 140 percent in the third quarter as compared to the second quarter. Office leasing space has increased by 25 million sq ft in major cities so far this year. Industrial and leasing activity increased to 9 million sq ft in Q3 due to increased demand for third party leasing and e-commerce. It registered an increase of 6 percent in the third quarter as compared to the second quarter. By September 2021, it has reached 23 million square feet.
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Pune leads in sales of houses
Pune has been at the fore in sales of houses. Here the sales of houses in the third quarter increased by 33 percent as compared to the second quarter. At the same time, the sale of houses in Mumbai increased by 23 percent. There was an increase of 17 per cent in Bengaluru and 13 per cent in Hyderabad. While the mid segment grew by 47 per cent, the sales of affordable or budget homes grew by 31 per cent.
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According to the report, there was an increase of 37 percent in new product launches during the third quarter as compared to the second quarter and it reached 48,950 units. The report said that the sale of mid-segment and affordable houses may get a boost in the coming days as many state governments are also giving some more facilities, including exemption in stamp duty, to bring the real estate sector back on track. The implementation of the Model Tenancy Act will also encourage rental housing. Looking at the increasing trend of buying houses among Millennials, the housing sector can see momentum.
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