Winning Bizness Sports Desk
Mumbai. Bank loans to the residential and commercial real estate sector has exponentially increased by 38 percent on an annual basis in July and with this figure, the total outstanding bank loan of the real estate sector has reached a record Rs 28 lakh crore. This information has been given in the recently released data by the Reserve Bank of India (RBI). RBI's outstanding loan data and property consultants' data on home sales and new projects in major cities make it clear that the real estate sector is growing rapidly. According to RBI's 'Sector-wise Allocation of Bank Credit - July, 2023' data, outstanding loans in the residential sector (including priority category) have increased by 37.4 percent year-on-year to Rs 24.28 lakh crore in July. Outstanding loans in the commercial real estate sector grew by 38.1 per cent year-on-year to Rs 4.07 lakh crore.
What Experts saying?
On the RBI data, Anarock Chairman Anuj Puri said, “The commercial office segment was reeling under the pressure of the pandemic last year as companies pivoted to strategies around full-fledged work from office, work from home or hybrid (work from anywhere) models. "The commercial office segment was reeling under the pandemic's pressure last year as employers were contemplating strategies around complete work from the office, work from home, or a hybrid model. However, as the situation gained normalcy, employees returned to offices and the demand for good quality commercial offices is high this year," he said.
Sales momentum to continue
In this report, the real estate developers and consultants exuded confidence that the sales momentum in the real estate sector will continue. They are also bullish about bumper sales in the upcoming festive season. Mohit Jain, Managing Director, Krisumi Corporation, said that the festive season typically brings optimism and increased real estate transactions and The residential real estate sector is presently experiencing robust growth, and this trend is expected to persist.
