Home sales have surged by 17% across top seven cities in India in the first eight months of 2021 to 1,99,243 units versus 1,65,308 units in the first eight months of 2020, a report by PropEquity, a real estate data, research and analytics firm has said. However, in the same period new home launches fell by 2% from 158102 units to 154246 units.
Bengaluru, Chennai, Hyderabad, MMR, & Pune, witnessed growth in home sales by 11%, 27%, 35%, 20% and 22% respectively during that period. Only Kolkata and Delhi-NCR witnessed 11% and 22% decline in sales from 7767 units to 6973 units and from 20478 units to 16846 units respectively.
New launches saw a major push in Chennai and Delhi NCR where it saw a growth of 23% and 42% respectively. Pune also witnessed a small jump of 3% in new launches. However, Bengaluru, Hyderabad, Kolkata, and MMR witnessed a decline in new launches by 64%, 7%, 18%, and 4% respectively.
Among all the cities Hyderabad witnessed the highest surge in total sales/absorption of 35% from 16645 units to 25716 units followed by Chennai and Pune by 27% and 22% respectively.
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“Housing sales have been improving over the last few months especially since June onwards and this trend will continue in 2021 as the festive season is about to kick in which has been traditionally the best time for home purchases across India. The COVID-19 vaccination drive in India has also gathered speed and we are expected to cross 1 billion doses in October, this will lead further to improvement in market sentiments,”said Mr. Samir Jasuja, MD & Founder – PropEquity.
