Property sales transactions in Delhi for the second quarter of 2022 (April through June) witnessed an increase of 33.13% in transaction volume compared to the transaction volume in the previous quarter.
The government's decisions to end rebates offered on circle rates, in addition to a 1% hike in transfer fees for properties worth over 25 lakh rupees, however, can be expected to affect these figures in the coming months.
Residential Transactions Continue to Account for the Majority of Sales Transactions
In addition to residential transactions making up for the vast majority of overall transactions, the overall split between residential and commercial transactions has remained nearly identical.
The drop in transactions noted towards the end of January may be attributed to the Delhi Government's decision of shutting down the revenue office in response to rising COVID-19 cases in the city.
The Increase Observed in Sales is Not Seasonal
To verify whether the increase observed in sales is seasonal, a comparison was made with the same period last year. The second quarter of 2021 witnessed a 45.4% decline QoQ in sales volume - an observation that is in contrast to what is seen this year. Therefore, the increase in sales is not seasonal.
Residential Properties with Floor Space Less Than 1500 sq. ft. Saw the Most Number of Sales Transactions
Taking a closer look at residential sales transactions in the city, it is seen that properties with square footage between 500 and 1500 sq. ft. accounted for the most amount of transactions in the city, with more than 45% of total transactions falling in this segment.
Rohini Saw the Most Number of Residential Sales Transactions
Exploring the geographical distribution of residential sales, the western parts of Delhi noted a large number of transactions, with 4 of the top 5 areas for residential transactions located in the western parts of the city.
Dwarka and Uttam Nagar emerged as top localities for south-western Delhi, while Rohini emerged as the top locality overall and is located in north-western Delhi.
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