In a report released by PropEquity – real estate data, research and analytics firm, total absorption or sales of home units in top seven cities in India increased by 78% in Q4 2020 to 110,811 units versus 62,197 units in Q3 2020. New launches rose by 56% during the same period to 62,891 units from 40,275 units as market sentiment increased with COVID cases falling rapidly across India and recoveries growing at rapid pace.
The National Capital Region (NCR) was the only region where the sales decreased by 32% while other cities including Bengaluru, Chennai, Hyderabad, Kolkata, MMR and Pune saw sales going up by 46%, 52%, 74%, 41%, 130% & 120% respectively on Q-o-Q comparison. Data comparison was made sequentially due to national level impact of the COVID spread.
“Housing market has definitely improved and we are witnessing green shoots of recovery as evident from the latest Q4 report. As India embarks on its COVID vaccination drive, we believe it will further cement strong recoveries in the sector. We expect Indian government to announce positive budgetary measures for Indian real estate in the forthcoming budget,” expressed Samir Jasuja, MD & founder, PropEquity.
“We have been witnessing home sales improving steadily over the last 4-5 months with most locations experiencing solid sales driven by end users. Projects have also started to establish price increase as demand for blue chip projects, especially in the luxury and premium housing domain, is exceeding supply. We expect 2021 to provide the right platform for the housing sector in India as many of the buyers who were on the fence in 2020 would eventually finalise their buying decisions now,” added Ankush Kaul, president (Sales & Marketing), Ambience Group.