Home sales news | Home sales not affected by Covid-19 second wave, increased by 67% in 8 cities in January-June 2021
Home sales increased this year
- 99,416 homes were sold in the first half of this year.
- In the same period last year, 59,538 houses were sold.
- In terms of home sales, this year outperformed 2020.
New Delhi : Real estate market research and consulting firm Knight Frank India on Thursday said that despite the second wave of COVID-19, home sales in eight cities grew by 67 per cent year-on-year to 99,416 units between January and June this year. Of these, the highest number of flats were sold in Mumbai and Pune. Knight Frank India in a webinar on Thursday presented its report “India Real Estate – Residential, January-June 2021” for eight cities – Mumbai Metropolitan Region (MMR), Delhi-NCR, Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. issued.
According to the report, 99,416 residential units were sold in the first half of the 2021 calendar year (H1 2021) across eight markets, compared to 59,538 in the same period last year. When asked about the outlook for the full calendar year, Knight Frank India Chairman and Managing Director Shishir Baijal said, “We expect that we will outperform 2020 this year in terms of home sales.
With stable property prices and historically low interest rates on home loans, he expects the sales momentum to continue during the second half of this year. Before Knight Frank, three more real estate advisory companies – Anarock, PropTiger and JLL India – have released their reports on the home markets for January-June 2021.
According to Anarock, home sales in seven major cities grew 43 per cent year-on-year to 82,860 units during January-June 2021. JLL India reported that the seven cities registered a growth of 18 per cent with the sale of 45,218 residential units. In contrast, however, PropTiger recently reported that sales across the top eight cities fell seven per cent to 82,144 units from 88,593 units during the same period. According to Knight Frank, the new housing offerings during this period increased by 71 per cent to 1,03,238 units from 60,489 units.
Niranjan Hiranandani, national president of NAREDCO, an organization of real estate development companies, said on these figures that the demand and sale of houses increased in June due to the careful removal of restrictions implemented for the prevention of Kovid-19 and the intensification of vaccination. “The future of the housing market is promising,” he said. Home prices mostly remained more stable, with a decrease of 1-2 per cent on a year-on-year basis. The number of unsold houses fell by one per cent to 4,41,742 units from 4,46,787 units.
Baijal said that the gradual resumption of economic activity, and increasing availability of vaccines had accelerated the market in the second half of 2020 and the momentum was sustained in the first quarter of 2021. He said that the second wave of Kovid-19 had stopped this momentum. However, Baijal said this should be seen as a “speed breaker” as the year-on-year growth in market volume in the January-June 2021 period remains strong on a semi-annual and quarterly basis.
He said the limited period stamp duty cut, which boosted home sales in Mumbai and Pune, well reflects the need for policy-level interventions to revive the residential market.
Noting the tremendous success of stamp duty cut in Maharashtra, Baijal said other states should consider similar demands at the appropriate time. According to the data, 28,607 houses were sold in Mumbai during January-June this year with an annual growth of 53 per cent, while in Pune it was 74 per cent and 17,474 respectively. In the Delhi-National Capital Region (NCR), 11,474 houses were sold during this period, registering a growth of 111 per cent.
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