1 min read.Updated: 23 Jun 2021, 02:20 PM ISTLivemint
However, when compared to the previous quarter, sales dropped 58% to 24,570 units across seven Indian cities.
Last year due to complete lockdown imposed across the country to restrict the spread of the coronavirus, sales in the real estate sector dropped to a record low.
Real estate sales in the second quarter of calendar year 2021 jumped by 95% mostly due to a low base effect and less stringent lockdown rules. A total of 24,570 units were sold across seven cities in Q2CY2021, as per a report from Anarock Property Research. Last year due to complete lockdown imposed across the country to restrict the spread of the coronavirus, sales in the real estate sector dropped to a record low. In the second quarter of 2020, only 12740 units were sold.
However, when compared to the previous quarter, sales dropped 58%. In the first quarter of CY2021, 58,290 units were sold across the seven cities including Mumbai Metropolitan Region (MMR), Hyderabad, National Capital Region, Bengaluru, Pune, Chennai, Kolkata.
Also, the new supply dropped by 42% from 36,260 units in the first quarter of 2021 when developers across the seven cities launched 62,130 units. While compared to the same quarter last year, the launches were way higher as last year amid the nationwide lockdown only 1,400 units were launched.
MMR and Pune cities saw the highest pick up in sales as they accounted for 46% of the total sales of Q12021. Developers resorted to online or digital launches. Hyderabad took the lead among the 7 cities in the highest number of launches as 8,850 units were launched in the city in the Q2 of 2021.
MMR and Bengaluru saw the launch of 6,880 units and 6,690 units, respectively.
"The second covid-19 wave definitely impacted overall residential property market activity in the second quarter this year when juxtaposed against the preceding quarter. However, compared to the corresponding period of 2020, the sector displayed remarkable resilience. Against the backdrop of developers adopting technology in their businesses, there was a huge yearly jump in both new launches and sales. Importantly, the localized lockdowns and restrictions did not dent activity as much as the complete nationwide lockdown last year," said Anuj Puri, chairman, Anarock Property Consultants.
“Additionally, we saw the rising dominance of listed and leading developers whose sales share against the smaller and unorganized ones increased further in the quarter amid the second wave – from 40:60 previously to 43:57 now. Back in FY2017, the ratio was 17:83. The impact of the second wave was felt more intensely by smaller and unorganized players," he added.