In a report released by PropEquity, India’s leading real estate data, research and analytics firm, sales or absorption of housing units rose by 21% across top 7 cities in India in the first quarter of 2021 to 1,05,183 units versus 87,236 units in Q1 2020.
However, the new supply or launches of housing units decreased by 40% in the same period to 59,737 units from Q1 2020 at 1,00,343 units.
Bengaluru, Chennai, Hyderabad, MMR, NCR and Pune are the cities where home sales witnessed a growth in Q1 2021 versus Q1 2020 at 13%, 29%, 16%, 26% and 6% respectively. Only Kolkata witnessed downfall of 20% in home sales during the same period.
““Beginning of Q1 was relatively better for the Indian realty as several projects which were rightly priced were finding decent demand, especially for the projects which were nearing completion. However, the second wave of COVID has dented this demand and we expect now sales to again to grow from Q3 onwards, provided the daily COVID case count is in check and there is no lockdown in place,”Mr. Samir Jasuja, founder and managing director at PropEquity said.
|Media Indicators (Top 7 regions)|
|City||Q1 20||Q1 21||Q1 20VS Q1 21|
The current COVID wave has hit the sector when Indian real estate housing demand was on the growth trajectory in Q1 of 2021,” said Ankush Kaul, President (Sales & Marketing) Ambience Group. He believes that once the current COVID spread in India stabilises, the demand will again grow.
India’s IT capital saw a rise of 13% in home sales in Q1 2021 at 12,263. New Launches decreased by 40% at 8,492 units.
Chennai saw a 29% increase in home sales in Q1 2021 and new launches decreased by 8% to 4044 units.
Home sales witnessed an increase of 16% in Q1 2021 at 10,964 units with new launches fell by 44% to 8,826 units.
Surprisingly, Kolkata saw a decrease of 20% in home sales in Q1 2021 at 3,682 units with new launches falling by 57% to 1,427 units.
The City of Dreams saw an increase of 26% in home sales in the first quarter at 41,323 units, whereas new launches fell by 48% to 20,269 units.
Only NCR witnessed an increase in both home sales and new launches by 6% and 136% respectively in Q1 2021.
Pune witnessed a rise of 31% in sales or absorption and downfall of 41% in new launches at 12,872 units in Q1 2021.