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Amid a seven-year time correction, the property market is displaying signs of recovery, and DLF’s Managing Director, Ashok Kumar Tyagi, is optimistic about growth in smaller cities like Indore and Lucknow. While affordable housing struggles, the real market activity is observed in the ₹80 lakhs to ₹1.5 crore range, particularly in the top seven cities.
Market Insights from Anarock and Knight Frank
According to Anarock data, Hyderabad witnessed an annual growth of approximately 10% in home prices over the last three years. In comparison, Delhi, NCR, and Mumbai experienced more modest growth ranging between 5-8%, as reported by Knight Frank data. Residential sales, according to Knight Frank, showed a significant 23% growth in the first nine months of the year across the top seven cities.
Mumbai’s Property Registrations Reach 11-Year High
In Mumbai, property registrations reached an 11-year high in October, surging over 30% during the festive period from October 15 to November 15, which spanned Navratri to Bhai Dooj. The buoyancy in smaller geographies like Indore and Lucknow is noteworthy, as mentioned by DLF’s Managing Director, Ashok Kumar Tyagi.
DLF’s Ambitious Sales Target for FY24
DLF, a Delhi-based real estate player, has set an ambitious target of ₹13,000 crore in sales for FY24. To achieve this, the company plans to unveil one major launch and three medium-sized launches in the second half of the year. The company’s Executive Director, Thakur, highlighted the significant reduction in inventory, which has decreased to around 17 months from a peak of 56 months. Additionally, he noted a substantial increase in the delivery and completion of projects, projecting an industry delivery of 5.6 lakh units by the end of 2023, reflecting a 39% increase from the previous year.