Loan on Real Estate: According to the data released by the Reserve Bank of India, the loan of banks has increased by 38 percent to Rs 28 lakh crore in July. This includes both the housing and commercial real estate sectors. RBI loan data on real estate sector and new data from property consultants have made it clear that the real estate sector is growing rapidly.
At the same time, house projects in major cities show that the demand for houses is also increasing in India, due to which the prices of houses have increased in many cities. This includes cities like Mumbai, New Delhi, Bengaluru and Hyderabad.
Banks gave record loan to real estate sector
According to the RBI’s Sectoral Deployment of Bank Credit data, outstanding loans in the real estate sector, including primary sector housing, have increased by 37.4 per cent year-on-year to cross Rs 24.28 lakh crore in July. At the same time, the outstanding of banks on commercial property has increased by 38.1 percent to Rs 4.07 lakh crore. Anuj Puri, Chairman, Anarock, said that such an increase in loans to the real estate sector reflects the massive demand.
Why has demand increased so much
Anarock’s chairman said that last year the commercial sector was struggling with the epidemic, because the demand for houses by the people had decreased. At the same time, employers had completely stopped working from the office and adopted work from home or hybrid model. However, as the situation has normalized, employees have returned to office and the demand for good quality has increased. In such a situation, the number of commercial offices has increased.
Increase in house prices
All India HPI growth year-on-year, as per RBI data Year 2023-24 has reached 5.1 percent in the first quarter, which was 4.6 percent in the previous quarter and 3.4 percent a year ago. Puri said that housing sales in the top 7 cities in 2022 have already reached 63 percent compared to last year. He said that despite the continuous increase in the interest rates of home loans, the demand has not reduced.
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