Home Sales Rise 21 Per Cent In Q1 2021: PropEquity Study

Total absorption or sales of home units rose 17 per cent from 1,65,308 units in January-August 2020 to 1,99,243 units in January-August 2021. However, in the same period, new home launches fell by 2 per cent from 1,58,102?to 1,54,246 units.

“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 vaccination drive in India has also gathered speed and we are expected to cross 1 billion doses in October, this will lead further to an improvement in market sentiments,” says Samir Jasuja, managing director and founder, PropEquity.

Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune,

witnessed growth in home sales by 11 per cent, 27 per cent, 35 per cent, 20 per cent and 22 per cent, respectively during that period. Only Kolkata and Delhi-NCR witnessed 11 per cent and 22 per cent decline in sales from 7,767 units to 6,973 units and from 20,478 units to 16,846 units, respectively.

New launches saw a major push in Chennai and Delhi NCR, where they saw a growth of 23 per cent and 42 per cent, respectively. Pune also witnessed a small jump of

3 per cent in new launches. However, Bengaluru, Hyderabad, Kolkata, and MMR witnessed a decline in new launches by 64 per cent, 7 per cent, 18 per cent, and 4 per cent, respectively.

Among all the cities, Hyderabad witnessed the highest surge in total sales of 35 per cent from 16,645 units to 25,716 units, followed by Chennai and Pune by 27 per cent and 22 per cent, respectively.

Home sales in India’s top seven cities surged in the first eight months of the year even as the Covid pandemic’s second wave disrupted the economy. Total absorption or sales of home units rose 17 per cent from 1,65,308 units in JanuaryAugust 2020 to 1,99,243 units in January- August 2021. However, in the same period new home launches fell by two per cent from 1,58,102 units to 1,54,246 units. “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,” says Samir Jasuja, MD & Founder, PropEquity. Bengaluru, Chennai, Hyderabad, MMR, & Pune, witnessed growth in home sales by 11 per cent, 27 per cent, 35 per cent, 20 per cent and 22 per cent respectively during that period. Only Kolkata and Delhi-NCR witnessed 11 per cent and 22 per cent decline in sales from 7767 units to 6973 units and from 20,478 units to 16,846 units respectively. New launches saw a major push in Chennai and Delhi NCR where it saw a growth of 23 per cent and 42 per cent respectively. Pune also witnessed a small jump of three per cent in new launches. However, Bengaluru, Hyderabad, Kolkata, and MMR witnessed a decline in new launches by 64 per cent, seven per cent, 18 per cent, and four per cent respectively. Among all the cities Hyderabad witnessed the highest surge in total sales/absorption of 35 per cent from 16,645 units to 25,716 units followed by Chennai and Pune by 27 per cent and 22 per cent respectively.