Despite the last rate hike since Feb 2023, the Indian residential market remains robust
The last repo rate hike was in February 2023 (resulting in a cumulative increase of 250 bps between May 2022 and Feb 2023). Despite this 250bps increase, the residential market in India has remained resilient with steady growth in housing sales, bank housing loans, and bank CRE loan
Housing sales in India (data till 7 months from last hike)1:
3QCY23 recorded the highest quarterly sales since 2008
Residential sales in the first nine months of 2023 (196k units) have already reached 91% of CY22 sales
