Home sales up 21% in Q1 2021: PropEquity Study
The new supply or launches of housing units decreased by 40% in the same period to 59,737 units from Q1 2020 at 1,00,343 units, the report said.
Despite the Covid-19 pandemic disruptions and the subsequent lockdown, home sales, however, continues to see surge in quarter one of 2021. In a report released by PropEquity, real estate data, research and analytics firm, sales or absorption of housing units rose by 21% across top 7 cities in India in the first quarter of 2021 to 1,05,183 units versus 87,236 units in Q1 2020.
However, the new supply or launches of housing units decreased by 40% in the same period to 59,737 units from Q1 2020 at 1,00,343 units, the report said.
Bengaluru, Chennai, Hyderabad, Mumbai and Mumbai Metropolitan Region (MMR), National Capital Region (NCR) and Pune are the cities where home sales witnessed a growth in Q1 2021 versus Q1 2020 at 13%, 29%, 16%, 26% and 6% respectively. Only Kolkata witnessed a downfall of 20% in home sales during the same period.
“Beginning of Q1 was relatively better for Indian realty as compared to last year and there was higher demand in ready to move in units and the projects nearing completion. However, the second wave of COVID will lead to muted demand going forward and we expect sales to pick up post second wave of COVID ending which should be around Q3 or Q4 onwards,” said Samir Jasuja, founder and managing director at PropEquity.
India’s IT capital saw a rise of 13% in home sales in Q1 2021 at 12,263. New Launches decreased by 40% at 8,492 units.
Chennai saw a 29% increase in home sales in Q1 2021 and new launches decreased by 8% to 4044 units.
Home sales witnessed an increase of 16% in Q1 2021 at 10,964 units with new launches fell by 44% to 8,826 units.
Surprisingly, Kolkata saw a decrease of 20% in home sales in Q1 2021 at 3,682 units with new launches falling by 57% to 1,427 units.
- Mumbai and Mumbai Metropolitan Region (MMR)
The City of Dreams saw an increase of 26% in home sales in the first quarter at 41,323 units, whereas new launches fell by 48% to 20,269 units.
- National Capital Region (NCR)
Only NCR witnessed an increase in both home sales and new launches by 6% and 136% respectively in Q1 2021.
Pune witnessed a rise of 31% in sales or absorption and downfall of 41% in new launches at 12,872 units in Q1 2021.