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Residential sales during January-September 2021 increased by 47% as compared to the same period last year across the top seven cities, according to property consultant JLL India.

After a lull phase in Q2 2021 owing to the resurgence of the pandemic and restrictions imposed by various state governments, sales gained momentum during Q3 2021 as the country began to cautiously return to normal economic activities supported by anaggressive vaccination drive. The growing need for home ownership supported by lower mortgage rates and stable employment scenario drove the housing demand in Q3 2021. 

Mumbai has consistently been the largest contributor to sales over the past five quarters. During Q3 2021, Mumbai and Delhi each accounted for 21% of the total sales followed Pune and Bengaluru. Recovery was well underway as sales surpassed pre-covid levels.

According to the city-wise data for Q3, 2021, housing sales in Bengaluru increased to 5,100 units during July-September 2021 from 1,742 units in the corresponding period of the previous year.

Chennai witnessed a fall in housing sales to 1,500 units from 1,570 units. Among seven cities, only Chennai registered a year-on-year fall in sales during the third quarter of 2021 calendar year.

Sales of residential properties in Delhi-NCR jumped more than two times to 6,689 units from 3,112 units. Hyderabad, too, saw over two-fold jump at 4,418 units from 2,122 units.

Housing sales in Kolkata jumped over five fold to 1,974 units from 390 units, and Mumbai also witnessed growth in housing sales to 6,756 units from 4,135 units.

Housing sales in Pune increased by more than four times to 5,921 units during the third quarter of this calendar year from 1,344 units in the same period last year.

“Sales volume during the quarter surpassed the sale volume recorded in the pre-Covid period of Q1 2020 by 18%. At the same time, it is encouraging to note that the sales volume during the quarter is inching closer to the average quarterly volume of sales recorded in the pre-covid era of 2019, which stood at about 35,000 units. 

This certainly indicates that the market sentiments are improving compared to the previous year and bringing back buyer’s confidence in the market. Further reduction in home loan rates coupled with the festive season and improved market sentiments augurs well for the residential sector," said Dr. Samantak Das, Chief Economist and Head Research & REIS, India, JLL.

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