New Delhi, March 27 Housing sales rose 9 per cent annually to over 1.01 lakh units in January-March across the top seven cities due to a low base effect, according to Anarock, but fell 7 per cent from the previous quarter amid global economic uncertainties caused by the West Asia conflict.
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 that sales in terms of value grew by 6 per cent to Rs 1.51 lakh crore during the January-March period from Rs 1.42 lakh crore in the corresponding period of the previous year.
However, Anarock pointed out that housing sales fell 7 per cent in volume terms and 6 per cent in terms of value from the previous quarter due to the West Asia conflict.
In the fourth quarter of the last calendar year, 1,08,970 units were sold for Rs 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 impact of the Iran War was clearly visible in the first quarter. The 7 per cent drop in sales reflects the uncertainty caused by the war, with sentiment and sales clearly affected by rising oil and construction prices, particularly in March."
"The decline also aligns with the large number of prospective Middle Eastern homebuyers who invest significantly in Indian real estate, and who put their investments on hold due to the war," he added.
Mumbai-based Anarock is one of the leading housing brokerage firms in the country. It also provides consultancy services for leasing commercial (office, retail and warehousing) real estate spaces, land acquisition, and fund raising.