Press Release
20 January 2021, New Delhi: In a report released by PropEquity, India’s leading real estate data, research and analytics firm, total absorption or sales of home units in top 7 cities in India increased by 78% in Q4 2020 to 110,811 units versus 62,197 units in Q3 2020.
Also, new launches rose by 56% during the same period to 62,891 units from 40,275 units as market sentiment increased with COVID cases falling rapidly across India and recoveries growing at rapid pace.
The National Capital Region (NCR) was the only region where the sales decreased by 32% while other cities including Bengaluru, Chennai, Hyderabad, Kolkata, MMR and Pune saw sales going up by 46%, 52%, 74%, 41%, 130% & 120% respectively on Q-o-Q comparison.
Data comparison has been made sequentially due to national level impact of the COVID spread. Sales in Q4 2020 vs Q4 2019 also increased by 25% indicating strong recovery in a year ago period as well.
Residential real estate in India continues to be an end user driven market as ready to move-in or nearing completion properties are being preferred. Developers with excellent track records in terms of quality and execution continued to witness solid sales numbers across projects.
“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. We expect Indian govt. to announce positive budgetary measures for Indian real estate in the forthcoming budget,” Mr. Samir Jasuja, MD & Founder – PropEquity
“We have been witnessing home sales improving steadily over the last 4-5 months with most of the locations experiencing solid sales numbers driven by end users. Projects have now also started to witness price increases as demand for good projects, especially in the luxury and premium housing projects, is exceeding supply. We expect 2021 to provide the right platform for housing sector in India as many of the buyers who were fence sitting in 2020 would eventually finalize their buying decisions now,” said Mr. Ankush Kaul, President (Sales & Marketing) – Ambience Group.
Cities’ snapshot:
Bengaluru
New launches witnessed an Increase of 56% to 8,100 units from 5,178 units and the absorption Increased by 46% to 11,265 units from 7,690 units.
Chennai
New launches witnessed an Increase of 77% to 2,960 units from 1674 units and the absorption Increased by 52% to 4,146 units from 2,721 units.
Hyderabad
New launches witnessed a downfall of 20% to 6,587 units from 8,264 units and the absorption Increased by 74% to 9,879 units from 5,679 units.
Kolkata
New launches witnessed an Increase of 317% to 1,956 units from 469 units and the absorption increased by 41% to 3,650 units from 2,586 units.
MMR
New launches witnessed an Increase of 174% to 25,748 units from 9,381 units and the absorption increased by 130% to 48,567 units from 21,093 units.
NCR
New launches witnessed an Decrease of 28% to 4,553 units from 6,297 units and the absorption decreased by 32% to 7,211 units from 11,840 units.
Pune
New launches witnessed an Increase of 44% to 12,987 units from 9,012 units and the absorption increased by 120% to 26,093 units from 11,840 units.
About Prop Equity:
P.E. Analytics owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across over 44 cities in India. We add approximately 300 projects every month. It is a premier Business Intelligence product- a first of its kind in India in the Realty space.
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