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Total property absorption, or sales of housing units in the top seven cities of India increased by 17% between January-August 2020 and January-August 2021, from 1,65,308 units to 1,99,243 units, according to a report provided by PropEquity, a real estate data, research, and analytics organisation,.
However, new home launches declined by 2% during the same time, from 1,58,102 to 1,5,4246 units. Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Reagion (MMR), and Pune had an increase in home sales of 11%, 27%, 35%, 20%, and 22%, respectively, during that period. Only Kolkata and Delhi-NCR saw a fall in sales of 11% and 22%, respectively, from 7,767 to 6,973 units and 20,478 to 16,846 units.
Spike in new launches
New launches witnessed a significant increase in Chennai and Delhi NCR, where they increased by 23% and 42%, respectively. Pune also had a slight increase of 3% in new launches. However, Bengaluru, Hyderabad, Kolkata, and MMR saw a decrease in new launches of 64%, 7%, 18%, and 4%, respectively.
Hyderabad saw the most significant increase in overall sales/absorption of 35% from 16645 to 25716 units, followed by Chennai and Pune at 27% and 22%, respectively.
“Housing sales have been improving over the last few months, especially since June onwards, and this trend will continue in 2021 as the festive season is about to kick in, which has been traditionally the best time for home purchases across India,” said Samir Jasuja, MD & Founder, PropEquity.
“The Covid-19 vaccination drive in India has also gathered speed, and we are expected to cross 1 billion doses in October; this will lead further to improvement in market sentiment,” added Jasuja.