New Delhi: In a report released by PropEquity, India’s leading real estate data, research and analytics firm, home sales or absorption of 3 BHK (and above) units rose by 19% across top 7 cities in India in the first quarter of 2021 to 30,169 units versus 25,307 units in Q1 2020.
Many of the working population in India are now looking to get larger homes as Work from Home (WFH) is still a recommended suggestion by the central and state governments to follow for corporates.
The new supply or launches of housing units decreased by 30% in the same period to 20,848 in Q1 2021 units from Q1 2020 at 29,836 units as developers were clearing earlier stock and resizing home offerings.
Bengaluru, Chennai, Hyderabad, MMR, NCR & Pune are the cities where home sales witnessed a growth in Q1 2021 versus Q1 2020 at 10%, 43%, 14%, 54%, 13% and 34% respectively.
Only Kolkata witnessed downfall of 12% in home sales during the same period.
“This trend of looking to buy larger homes will continue in India as complete vaccination of eligible Indian population is still some time away. There is also expectation of the third COVID wave, which effectively means that WFH is here to stay. We believe the the worst in terms of the latest COVID wave is behind us and normal real estate transaction will bounce back in a gradual manner,” Mr. Samir Jasuja, founder and managing director at PropEquity said.
“Work from home culture is a new normal and also it has added demand for larger units. Post Covid, people wanted larger homes as even schooling for their children from home needs a dedicated space along with working space for homeowners. Many of the queries that we are receiving for several months now are for larger sized units, or to setup one room as home office. We believe this trend to continue in 2021 as well,” Mr. Ankush Kaul, President (Sales & Marketing) – Ambience Group.
India’s IT capital saw a rise of 10% in home sales in Q1 2021 at 5,794. New Launches decreased by 51% at 3,470 units.
Chennai saw a 43% increase in home sales in Q1 2021 at 2,387 and new launches decreased by 21% to 1,593 units.
Home sales witnessed an increase of 14% in Q1 2021 at 6,519 units with new launches fell by 30% to 6,357 units.
Surprisingly, Kolkata saw a decrease of 12% in home sales in Q1 2021 at 2,038 units with new launches falling by 60% to 825 units.
The City of Dreams saw an increase of 54% in home sales in the first quarter at 4,272 units, whereas new launches fell by 33% to 2,014 units.
Only NCR witnessed an increase in both home sales and new launches by 13% and 49% respectively in Q1 2021.
Pune witnessed a rise of 34% in sales or absorption and downfall of 30% in new launches at 2,814 units in Q1 2021.