Housing Sales Dip Amid West Asia Conflict: Anarock
Housing sales in India's top-seven cities rose 9% annually to over 1.01 lakh units in January-March, but fell 7% from the previous quarter due to global economic uncertainties caused by the West Asia conflict. The sales decline is attributed to the war-induced uncertainty and surging oil and construction prices, which affected sentiment and sales, particularly in March.
Housing sales in India's top-seven cities increased 9% annually to 1,01,675 units in January-March. However, sales fell 7% from the previous quarter due to the West Asia conflict. The conflict led to a decline in sales, with prospective Middle Eastern homebuyers investing less in Indian real estate. Anarock reported a 6% growth in sales value to Rs 1.51 lakh crore during the January-March period. The company noted that the long-term fundamentals of India's residential segment remain strong despite short-term uncertainties.
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