Economic Survey: Firming Up Housing Prices
A recovery in the residential real estate market has been noted in the Economic Survey 2022–2023 (ES 2022–2023). The inventory turnaround period has significantly decreased, according to the yearly study. It also emphasizes a rise in the demand for mortgages and an expansion of the real estate market as a whole. Let’s analyses the real estate & construction sector’s Economic Survey.
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The Indian real estate market has done well in the current fiscal year despite rising interest rates and cost increases. According to the Economic Survey presented to the legislature, the number of new home launches, particularly in Q2, has surpassed that of Q2 in FY 2020. Additionally, there has been a notable rise in the disbursements of new mortgage loans.
Important conclusions from the Economic Survey 2022–23
Following the COVID-19 lockdowns, prices are currently increasing due to increased demand and a decrease in supplies.
- Certain construction industry raw materials now have lower import taxes.
- The total number of unsold homes at the end of 2022 was 8.5 lakh.
- The turnaround time for inventory decreased from 42 to 33 months.
- In India, almost 80% of the available housing stock is still under construction.
Effect of the Ukraine-Russia conflict on the real estate market
The study found that the cost of living has gone up as a result of the rising prices against the backdrop of the Russia-Ukraine situation. Indian markets were impacted as a result of changes to global supply networks. Costs of building were directly affected by rising prices for cement, steel, chemicals, and fuels. The increase in construction material prices has reportedly forced developers to cease ongoing work because of the unstable global market. Indicating a rise in the cost of construction inputs, the Wholesale Price Index for Cement, Lime, and Plaster rose from 127.1 in December 2021 to 137.6 in December 2022.
Housing Price Indices Variation
The National Housing Bank’s (NHB) Housing Price Indices (HPI). Which are based on geographic regions, show volatility, according to the Economic Survey. For instance, if one examines the 50 cities that are part of the index, only seven cities had a loss, while the rest experienced growth. According to the poll, in September 2022, Bhubaneshwar recorded an increase of more than 37% while Indore experienced a decline of 6.5 percent. On the other hand, the annual index has increased in all major metropolises, including Delhi, Mumbai, Chennai, and Hyderabad.
The epidemic altered purchasers’ attitudes and persuaded them to buy a home rather than rent one, according to the Economic Survey.
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