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Home >News >India >Home sales rise 12% sequentially in Jan-Mar quarter: report

NEW DELHI: Measures taken by Centre and state governments to boost buyers' confidence have started to show positive results. Home sales across eight prime residential markets in India witnessed a 12% sequential rise in the January-March quarter of calendar year 2021 or CY21, according to a report by PropTiger.com.

Developers sold a total of 66,176 homes during the period, helped by stamp duty and circle rate reductions, as announced by state governments like Maharashtra.

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However, on a year-on-year basis, sales declined 5%.

Home sales across top cities.
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Home sales across top cities.

"The residential real estate market in the country is seeing a positive momentum on the back of various measures taken by the centre and state governments, the RBI and the entire banking system (as demonstrated in home loan rate reductions)," said Dhruv Agarwala, group CEO, Housing.com, Makaan.com and PropTiger.com, in a statement.

Another reason behind the pick-up in sales was affordability, a combination of property prices and lending rates. “Though the recent surge in covid-19 infections concentrated in a few markets is a concern, we expect the residential market recovery to continue," said Agarwala.

On the supply side, a total of 53,037 units were launched across the country during the three-month period. According to the report, no extraordinary upwards movement was seen in average prices of property in the primary or new homes market. While annual growth remained largely flat or in low single digits in most markets, Ahmedabad and Hyderabad stood out with 5% annual growth in average rates of property.

(Do you have personal finance queries? Send them to mintmoney@livemint.com and get them answered by industry experts)

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