Housing sales in Jan-Mar dip 7% from December quarter due to West Asia conflict, up 9% annually: Anarock

Housing sales rose 9% annually to over 1.01 lakh units in January-March across the top seven cities on a low-base effect but fell 7% from the previous quarter amid global economic uncertainties due to the West Asia conflict, according to Anarock.

Sales increased to 1,01,675 units during the current quarter from 93,280 units in the year-ago period.

Real estate consultant Anarock said the sales in value terms grew 6% to ₹1.51 lakh crore during the January-March period from ₹1.42 lakh crore in the corresponding period of the preceding year.

Anarock, however, pointed out that housing sales fell 7% in volume terms and 6% value wise from the previous quarter because of West Asia conflict. In the fourth quarter of the last calendar year, 1,08,970 units were sold for ₹1.60 lakh crore.

Anuj Puri, Chairman of Anarock Group, said, “While India’s residential segment’s long-term fundamentals remain strong, the short-term tremors of the Iran War were clearly visible in the first quarter. The 7% dip in sales tracks the war-induced uncertainty, with sentiment and sales clearly affected by surging oil and construction prices — particularly in March.” “The decline also aligns with large numbers of prospective Middle Eastern homebuyers, who invest significantly in Indian real estate, hitting the pause button under the war cloud,” he added.

Mumbai-based Anarock is one of the leading housing brokerage firms in the country. It also provides consultancy services for leasing of commercial (office, retail and warehousing) real estate spaces, land acquisition and fund raising.