BackHome sales, launches see big jump in June-September: Anarock
Home sales rose 113% in the top seven cities, with Mumbai Metropolitan Region accounting for 33% of the total sales, followed by NCR with a 16% share
PremiumBENGALURU : Home sales rose 113% in the top seven cities to 62,800 units in the June-September period, with Mumbai Metropolitan Region (MMR) accounting for 33% of the total sales, followed by National Capital Region (NCR) with a 16% share. In the corresponding period in 2020, home sales stood at 29,520 units.
Project launches also rose by 98% to 64,560 units in the September quarter, compared to 32,530 units during the same period last year.
While MMR continued to see the highest number of new launches, of about 16,510 units, during the quarter, Hyderabad followed with a new supply of around 14,690 units.
The mid-segment (homes priced ₹40- ₹80 lakh) and premium homes (priced at ₹80 lakh- ₹1.5 crore) continue to dominate new supply with 41% and 25% share, respectively.
The affordable housing segment, where units are priced sub- ₹40 lakh, saw its supply share reduce to 24% in the quarter.
“IT/ITeS continues to drive the bulk of housing demand in the top 7 cities. In Q3 2021, significantly improved job security and robust hiring in the IT/ITeS and financial sectors piggybacked on record-low home loan rates and growing homeownership sentiment. The ongoing WFH culture continues to influence residential sentiment on two major fronts - overall housing demand and unit sizes. The fast-paced vaccination drive is an added sentiment booster, especially in terms of increased site visits," said Anuj Puri, chairman, Anarock Group.
"With new launches increasing by 98% and housing sales skyrocketing by 113%, Q3 2021 stands in stark contrast to this period last year. MMR and NCR together accounted for nearly 50% of the overall housing sales in the quarter," Puri added. Average property prices remained stagnant, with a 3% year-on-year increase across the top cities. Bengaluru led with a 4% annual price rise during the period.
During the ongoing pandemic, property prices remained more or less stable, and developers have been sweetening the deal with added offers and discounts, Anarock said.
MMR saw an 8% y-o-y reduction in its unsold stock. Unsold inventory in the region stood at 1.92 lakh units as of September quarter-end, while NCR saw a 3% yearly decline.
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