Economic Survey: Firming Up Housing Prices
ArecoveryintheresidentialrealestatemarkethasbeennotedintheEconomic Survey2022–2023(ES2022–2023).Theinventoryturnaroundperiodhas significantlydecreased,accordingtotheyearlystudy.Italsoemphasizesarisein thedemandformortgagesandanexpansionoftherealestatemarketasawhole. Let'sanalysestherealestate&constructionsector'sEconomicSurvey.
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TheIndianrealestatemarkethasdonewellinthecurrentfiscalyeardespiterising interestratesandcostincreases.AccordingtotheEconomicSurveypresentedtothe legislature,thenumberofnewhomelaunches,particularlyinQ2,hassurpassedthat ofQ2inFY2020.Additionally,therehasbeenanotableriseinthedisbursementsof newmortgageloans.
Important conclusions from the Economic Survey 2022–23
FollowingtheCOVID-19lockdowns,pricesarecurrentlyincreasingduetoincreased demandandadecreaseinsupplies.
Certainconstructionindustryrawmaterialsnowhavelowerimporttaxes.
Thetotalnumberofunsoldhomesattheendof2022was8.5lakh.
Theturnaroundtimeforinventorydecreasedfrom42to33months.
InIndia,almost80%oftheavailablehousingstockisstillunderconstruction.
Effect of the Ukraine-Russia conflict on the real estate market
Thestudyfoundthatthecostoflivinghasgoneupasaresultoftherisingprices againstthebackdropoftheRussia-Ukrainesituation.Indianmarketswereimpacted asaresultofchangestoglobalsupplynetworks.Costsofbuildingweredirectly affectedbyrisingpricesforcement,steel,chemicals,andfuels.Theincreasein constructionmaterialpriceshasreportedlyforceddeveloperstoceaseongoing workbecauseoftheunstableglobalmarket.Indicatingariseinthecostof constructioninputs,theWholesalePriceIndexforCement,Lime,andPlasterrose from127.1inDecember2021to137.6inDecember2022.
Housing Price Indices Variation
TheNationalHousingBank's(NHB)HousingPriceIndices(HPI),whicharebasedon geographicregions,showvolatility,accordingtotheEconomicSurvey.Forinstance, ifoneexaminesthe50citiesthatarepartoftheindex,onlysevencitieshadaloss, whiletherestexperiencedgrowth.Accordingtothepoll,inSeptember2022, Bhubaneshwarrecordedanincreaseofmorethan37%whileIndoreexperienceda declineof6.5percent.Ontheotherhand,theannualindexhasincreasedinallmajor metropolises,includingDelhi,Mumbai,Chennai,andHyderabad.
Theepidemicalteredpurchasers'attitudesandpersuadedthemtobuyahome ratherthanrentone,accordingtotheEconomicSurvey.
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