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Assess your affordability before purchasing amid housing market buoyancy

People in sectors witnessing layoffs should be especially cautious

affordable Housing, budget homes, real estate, residential property

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4 min read Last Updated : May 24 2023 | 3:33 PM IST

Indians seem to be on a home buying spree after the Covid pandemic. According to the ANAROCK Group, the financial year (FY) 2023 saw record sales volume across the top seven cities, with approximately 379,000 units sold, down 36 per cent over the previous year. Total sales amounted to around Rs 3.47 trillion, a 48 per cent rise over FY22.

“After experiencing the Covid-19 lockdowns, Indians have come to realise the value of home ownership over renting,” says Santhosh Kumar, vice chairman, ANAROCK Group.

Adds Vivek Rathi, director of research, Knight Frank India: “Despite the 250-basis-point increase in home loan rates, which has reduced house purchase affordability by close to 15 per cent, buyers have continued to take the plunge.”