July 03 – 2021, New Delhi: In a report released by PropEquity, India’s leading real estate data, research and analytics firm, home sales rose by 23% across top 7 cities in India in the first five months of 2021 to 1,32,818 units versus 1,08,199 units in the first five months of 2020. Majority of the sales happened till Apr-15.
Sales in NCR were greatly impacted as the National Capital faced a major brunt of the second COVID wave in which city went to standstill to tackle the health emergency. This was followed by a stringent lockdown further impacting housing sales.
The new supply or launches of housing units decreased by 24% in the same period to 86,746 units from 1,13,699 units as developers were clearing earlier stock, resizing home offerings and waiting for economy to improve.
Chennai & NCR are the cities where new launches witnessed a growth in first five months of 2021 versus first five months of 2020 at 20% and 50% respectively. Whereas, Bengaluru, Hyderabad, Kolkata, MMR, & Pune witnessed downfall of 35%, 28%, 28%, 31% & 23% respectively in home sales during the same period.
“India witnessed the worst of COVID wave in the months of April and May which drastically stopped almost all real estate activity across major cities. Fortunately, the worst is behind us as the infection and COVID related deaths have fallen significantly leading major cities to relax covid related restrictions. The vaccination drive has also picked up pace and hopefully there will be limited impact from the third wave. We expect home sales to bounce back faster as the COVID recovery has been at a rapid pace,” Mr. Samir Jasuja, founder and managing director at PropEquity said.
“2020 was a difficult year for the real estate sector in India. This year however began with a solid recovery across segments and markets, but the sudden COVID wave again impacted the momentum due to the lockdown. As restrictions lifted around the beginning of June, we are now again witnessing housing sales, new launches and business in general slowly getting back on track. We expect sales to further improve going ahead in the next quarter for projects that are being offered by fundamentally strong developers,” Mr. Ankush Kaul, President
(Sales & Marketing) – Ambience Group Said.
(Sales & Marketing) – Ambience Group Said.
