November 22, 2021 - Waveone Blog

Day: November 22, 2021

Top 7 urban areas see 113% rise in housing sales, new start bounce: Report

The pandemic brought everything to a halt and left everything in a distress. Every small, medium and large business felt the wrath of Covid-19, after which many struggled to get back on their feet. Indian Real Estate suffered the most in terms of growth and finance. The commercial spaces were left behind, the very day companies moved to the Work From Home model, people were left jobless when the companies weren’t able to meet the expanse and they left for their hometown, hence, the rented spaces were also left abandoned as they weren’t able to meet the rent.

However, the Indian Real Estate market is getting back on track and is seeing a great recovery. In Q3, the housing sales saw a 113% increase in the top 7 cities. In the Q3 of 2020, 29,520 units were sold when in Q3 of 2021 around 62,800 units were sold, according to the report published by Anarock.

The report also suggested that with the arrival of new launches the real estate market sales rose in the top 7 cities by 98% yearly, wherein Q3 of 2020 only 32,350 units were sold, however, in Q3 of 2021, the market sold around 64,560 units. Remarkably, the mid-range housing projects priced between Rs. 40-80 lakh and premium range projects between Rs. 80 lakh to Rs. 1.5 crore are making huge profits with new supplies with 41% and 25% shares, respectively. However, the low range segment saw a reduction in supply to just 24% in Q3 2021.

The average price of the property saw a 3% increase across the top 7 cities, with Bengaluru leading with a 4% rise in Q3 2021.

“IT/ITeS continues to push the bulk of housing demand in the top 7 cities,

“In Q3 2021, considerably improved job security and robust hiring in the IT/ITeS and financial sectors piggybacked on record-low home loan rates and increasing homeownership sentiment. The ongoing work from home culture continues to impact residential sentiment on two major fronts – overall housing demand and unit sizes. The fast-paced vaccination drive is an added sentiment booster, especially in terms of increased site visits,” said Mr. Anuj Puri, Chairman of ANAROCK Group.

Going by the report, the Indian real estate market is steadily growing in the right direction which seemed like a far-fetched dream last year. However, top real estates agents of India are positive that more sales would be recorded by the end of Q4 2021.