Housing sales in October-December jump 25% across seven cities

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Housing sales rose 25 per cent year-on-year during the October-December period at 1,10,811 units across seven cities on pent up and festive demand, according to data analytic firm PropEquity.

Housing sales stood at 88,976 units in the year-ago period.

Showing signs of recovery, total sales of home units in seven cities increased 78 per cent in the fourth quarter of 2020 to 1,10,811 units as against 62,197 units in the third quarter of 2020.

"Housing market has definitely improved, and we are witnessing green shoots of recovery as evident from the latest Q4 report. As India embarks on its COVID vaccination drive, we believe it will further cement strong recoveries in the sector," said Samir Jasuja, Managing Director and Founder, PropEquity.

Residential real estate in India continues to be an end-user driven market as ready to move-in or to near completion properties are being preferred. Developers with excellent track records in quality and execution continued to witness substantial sales numbers across projects.

Despite an increase in demand during October-December, residential properties' sales in the 2020 calendar year fell 16 per cent to 2,86,951 units from 3,41,466 units.

As per the full-year data, housing sales in Bengaluru declined 29 per cent to 33,363 units in 2020 from 46,969 in the previous year.

Chennai saw 30 per cent fall in sales to 11,907 units last year from 16,940 units in 2019, while Hyderabad witnessed 14 per cent decline in demand to 26,716 units from 31,038 units.

Housing sales in Kolkata decreased 38 per cent to 12,026 units in 2020 from 19,272 units in the previous year.

The Delhi-NCR market saw 34 per cent fall in sales to 29,640 units last year from 44,894 units in 2019, while demand in Pune was 17 per cent lower at 62,043 units in 2020 as compared to 74,791 units in the previous year.

However, the Mumbai Metropolitan Region (MMR) witnessed 3 per cent rise in sales to 1,11,256 units in 2020 from 1,07,562 units in the previous year.

Realtors' apex bodies CREDAI and NAREDCO do not compile new supply and sales of their total 25,000 developer members.

The primary housing market data are being provided by a few property consultants and data analytics firms quarterly, but with considerable variations in sales and launch numbers.

Housing brokerage firm Anarock said that housing sales fell 47 per cent in 2020 across seven cities to 1.38 lakh units from 2.61 lakh units in 2019.

PropTiger reported a 47 per cent decline in housing sales across eight top cities to 1,82,639 units in 2020 from 3,47,586 units in the previous year, while Knight Frank India said sales fell 37 per cent to 1,54,534 units in 2020 across eight major cities as compared with 2,45,861 units in the last year.

PropEquity, owned by P E Analytics, covers over 1,18,010 projects of 34,217 developers across over 44 cities in India.

(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.)

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