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Home / News / India /  Bengaluru saw highest home sales growth in March quarter

BENGALURU : The top eight property markets across India saw a 32% growth in home sales in the January-March period compared with the preceding quarter, according to a new report by Liases Foras Real Estate Rating & Research Pvt. Ltd. A total of 69,697 units were sold during the period, the report said.

Sales witnessed maximum recovery in Bengaluru, where 9,997 units were sold, a 72% rise from the December quarter. Delhi-National Capital Region (NCR) followed with 46% growth in sales and 9,130 units sold. Home sales grew 20% in Mumbai Metropolitan Region (MMR), though it sold close to 18,012 units, the highest among all regions.

Overall sales across the top cities saw a 9% year-on-year growth in the fourth quarter of 2020-21, the independent non-broking real estate research company said in its report.

“The March quarter saw continued recovery in housing sales that was boosted by the stamp duty waiver in Maharashtra, which positively impacted sales in Pune and Mumbai. However, with the second covid wave and stamp duty waiver withdrawn, we expect a 25-30% drop in sales in the June quarter," said Pankaj Kapoor, chief executive officer, Liases Foras.

As home buying sentiment gets dampened, developers would probably have to dole out more offers and discounts, Kapoor said.

“It will be a good market for buyers to get good deals and bargains. Buyers will be more inclined to buy ready to move in homes, so the secondary market will be doing better," he added.

The covid-19 pandemic and the lockdown in 2020 disrupted the real estate market sharply. However, as lockdown restrictions were lifted, the recovery in home sales started soon after.

Unsold housing stock in major cities declined marginally (1%) from the December quarter and a bigger drop of 7% compared with the year-ago period. As on 31 March, there were 915,982 unsold home units in the eight cities.

Ahmedabad, which has 59.649 unsold units, witnessed the maximum reduction in unsold stock (16%) on a year-on-year basis.

The weighted average price across all the top cities remained stagnant in the March quarter and saw a marginal 2% increase compared withe year before.

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