22 December 2020, New Delhi: In a report released by Prop Equity, India’s leading real estate data, total absorption or sales of home units in top 7 cities in India increased by 20% in October 2020 to 27,061 units versus 22,469 units in September 2020.
The National Capital Region (NCR) was the only territory where the sales decreased by 3% while other cities including Bengaluru, Chennai, Hyderabad, Kolkata, MMR and Pune saw sales going up by 16%, 3%, 24%, 15%, 35% & 13% respectively.
The data further shows that new launches rose by 28% during the same period to 18,573 units from 14,567 units as developers launched several projects post the lockdown was lifted.
This trend indicates that the real estate sector in India is looking at a revival after several months of lockdown announced by the Govt. to stop the spread COVID 19. The festive season which began in October also did better than the expectations which helped in the revival of the sector.
“We expect this trend to continue to grow in December and also 2021 onwards as the market is upbeat with the announcement of COVID vaccines hitting Indian markets by January. central and state govt. may also come out with favorable policies in the union budget next year to provide support to the sector,” Mr. Samir Jasuja, MD & Founder – PropEquity.
“The market in NCR, especially for premium housing, is witnessing stable demand and going ahead we should see several transactions finalizing as the market sentiment is on the upswing. Next year, we predict markets to reach pre COVID levels in terms of demand for all segments of housing including affordable, mid income and luxury.” Mr. Ankush Kaul, President (Sales & Marketing) – Ambience Group.
Overall snapshot
Bengaluru
New launches witnessed an Increase of 281% to 4,220 units from 1,109 units and the absorption Increased by 16% to 3,188 units from 2,747 units.
Chennai
New launches witnessed a downfall of 67% to 250 units from 763 units and the absorption Increased by 3% to 1,042 units from 1,008 units.
Hyderabad
New launches witnessed a downfall of 59% to 976 units from 2,385 units and the absorption Increased by 24% to 2,573 units from 2,071 units.
Kolkata
New launches witnessed an Increase of 120% to 491 units from 223 units and the absorption increased by 15% to 1,004 units from 876 units.
Mumbai MMR
New launches witnessed an Increase of 50% to 6405 units from 4,267 units and the absorption increased by 35% to 11,236 units from 8,312 units.
Delhi NCR
New launches witnessed an Increase of 8% to 2,300 units from 2,136 units and the absorption decreased by 3% to 2,546 units from 2,631 units.
Pune
New launches witnessed an Increase of 7% to 3,931 units from 3,684 units and the absorption increased by 13% to 5,472 units from 4,824 units.
About Prop Equity
P.E. Analytics owns and operates Prop Equity 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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