Housing sales in top seven cities rise 17% in Jan-Aug: Report

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The total sales of residential units in the top seven cities witnessed an increase of 17 percent to 1,99,243 units in January-August 2021 from 1,65,308 units in January-August 2020, a report by PropEquity has said.

But new launches in these seven cities fell 2 percent to 1,54,246 units from 1,58,102 units during the period under review, the report by the real estate data, research, and analytics firm said.

Bengaluru, Chennai, Hyderabad, MMR, and Pune, witnessed growth in home sales by 11%, 27%, 35%, 20%, and 22%, respectively during that period.

Only Kolkata and Delhi-NCR witnessed an 11% and 22% decline in sales from 7,767 units to 6,973 units and from 20,478 units to 16,846 units, respectively.

New launches saw a major push in Chennai and Delhi NCR where it saw a growth of 23% and 42%, respectively. Pune also witnessed a small jump of 3% in new launches. However, Bengaluru, Hyderabad, Kolkata, and MMR witnessed a decline in new launches by 64%, 7%, 18%, and 4%, respectively.

Among all the cities, Hyderabad witnessed the highest surge in total sales/absorption of 35% from 16,645 units to 25,716 units followed by Chennai and Pune by 27% and 22%, respectively.

“Housing sales have been improving over the last few months especially since June onwards and this trend will continue in 2021 as the festive season is about to kick in which has been traditionally the best time for home purchases across India. The COVID-19 vaccination drive in India has also gathered speed and we are expected to cross 1 billion doses in October, this will lead to further improvement in market sentiments,” said Samir Jasuja, MD & Founder – PropEquity.

Housing sales in Chennai grew by 27 percent to 9,611 units from 6,988 units, while Pune saw a growth of 22 percent to 43,987 units from 34,437 units. The MMR market saw an increase of 20 percent in housing sales to 73,380 units from 58,755 units.

In Bengaluru, sales rose 11 percent to 22,730 units from 20,238 units. The MMR market saw an increase of 20 percent in housing sales to 73,380 units from 58,755 units.

However, the Delhi-NCR market registered a 22 percent fall in sales to 16,846 units from 20,478 units. Similarly, Kolkata recorded an 11 percent decline in sales to 6,973 units from 7,767 units.