Delhi has outpaced Mumbai in the aspect of the no. of houses sold in the past four years, as per the latest report. The data only comprises housing sales in Delhi NCT, Mumbai city, & suburban areas, it specifies the rising trend of property buyers in Delhi preferring to have property ownership rather than renting.
In 2022, Delhi has sales of around 1.34 lakh units. Whereas, 74,943 houses were sold in Mumbai. This represents a significant rise of 78.8 percent in sales.
The rise in housing sales can be the outcome of the growing awareness of the benefits of house ownership over renting among buyers. During 2021 & 2022, Delhi surpassed pre-Covid levels of house sales.
Whereas, in Mumbai, the number of houses sold in 2021 & 2022 saw a significant increase, but it failed to surpass the sales of 2019.
In Delhi, the pandemic impacted as rising demand & interest for housing units. And the reduction in the stamp duty cost has also helped with the rise in interest for homes. Historically, Delhi was known as a secondary real estate market. Because of having the major investment & development focused toward other major developing cities. In recent years, the regrowth of interest in the real estate sector of Delhi has been resulted & specifically focused on the luxury segment.
Homebuyers still have the highest preference to own property in Delhi even after NCR gained popularity among homebuyers of developing future cities. There is an exponential rise in demand for gated communities within Delhi as they aspire similar kind of lifestyle. And also without compromising on the comfort of living in Delhi.
In terms of value, Delhi has experienced a significant increase in the value of the most expensive house transacted. Over to this, the rise in housing sales in Delhi signifies a growing trend of buyers choosing property ownership rather than renting.
