The total housing sales have jumped 24 percent to 1,08, 817 units in the third quarter of 2022 as against 87,747 units in the same quarter of 2021. The total unsold inventories in the top cities at the end of the third quarter of 2022 went down by 12 percent as compared to last year, according to a report by PropEquity.
The real estate market has shown a slow rebound from COVID-19 lockdowns this year amid inflation and high bank loan rates. The absorption has been much higher than new launches in the third consecutive quarter. The report added the absorption is higher by 25 percent than new launches.
Samir Jasuja, Founder and Managing Director at PropEquity, said, "Ever since we have come out of the shadows of the pandemic and the lockdown, there has been hectic activity in the real estate market which is good news for the developers. Buoyancy is building from one quarter to another in the current year."