Karnataka Housing Market Picking Up
After the slowdown during the second wave of Covid-19, the property market is picking up, thanks to the progress in vaccination drives and festive mood among homebuyers. The market, especially sales of new housing units, started to improve in July, after the state government unlocked sectors to kick-start the troubled economy, and saw further activity in August. Data from the stamps and registration department for the two-month period shows the positive sentiment on the property front. In July, more than 2.1 lakh property documents were registered, generating revenue of Rs 1,217 crore. The most sales were recorded between August 8 and 20 after Aashada, considered an inauspicious phase, ended, and officials expect document registrations in August to go up to 3 lakh. New home sales, which had remained stagnant for 18 months, have increased sharply in recent weeks, easing worries in the real estate sector that faced repeated pandemiclinked disruptions and shortages of labour and raw materials. According to officials of the revenue department, new homes sold in Bengaluru and the rest of the state have been 10-30 per cent higher in the July-August period compared to the average sales seen during pre-Covid years.
Tags : News/Views Real Estate Property COVID-19 pandemic Karnataka Housing Market Picking Up