Housing sales may increase by 35% in Oct-Dec on festive demand: Report

The coming festive season is likely to witness a surge in demand for residential properties and the housing sales may rise 35 per cent across the top seven cities during the October-December period on a quarter-on-quarter (QoQ) basis, according to Anarock Property Consultants.

In the July-September quarter, the major seven markets collectively reported the sale of 29,520 housing units.

"The reason for the rise is the prevailing lowest-ever home loan interest rates, developers' willingness to offer good deals and discounts, coupled with limited-period government incentives such as reduced stamp duty and registration charges in markets like MMR," said Santhosh Kumar, Vice-Chairman, Anarock Property Consultants.

He further noted that the base period in consideration (Q3 2020) is still low against the pre-COVID-19 quarter when housing sales were nearly 45,200 units.

"In all, we anticipate the housing sales to rebound to 90 per cent of the pre-COVID-19 levels (Q1 2020)," Kumar said.

As per the report, Mumbai Metropolitan Region (MMR) may witness a rise of 33-36 per cent in sales, with buyers looking to make the most of the limited period offer of reduced stamp duty charges, developer discounts and freebies, and prevailing low home loan interest rates.

In the National Capital Region (NCR), sales may jump 27-31 per cent in the festive season.

Sales in Hyderabad, Bengaluru and Pune are likely to grow by 20-24 per cent, 30-35 per cent and 34 per cent in Q4 2020 respectively, as against Q3 2020.



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel