Home sales up 92% from July to September, led by Bengaluru, Hyderabad and Mumbai

Real estate developers in India’s top eight real estate markets sold more than 64,000 homes between July and September, recording a whopping 92% annual growth in residential sales, data from Knight Frank India revealed.

During the same period last year, residential sales stood at 27,453 units, as the economy had just started to recover from the throes of the first wave of COVID-19 and a lockdown in the United States. nationwide. Over 50% of residential sales in the July-September quarter of this year were made by just three cities – Hyderabad, Bengaluru and Mumbai, which recorded individual sales peaks of 272%, 131% and 109% respectively .

The total sales of 64,010 units in July-September is also 4% higher than the average quarterly sales of 2019 – another indication that the residential market may be heading for a recovery before COVID.

According to data from Knight Frank India, homebuyers have spent more on their purchases this year. The share of residential units priced between Rs 50 lakh and Rs 1 crore was 35% of all sales recorded in July-September, compared to 32% last year.

While the weighted average house price remained unchanged on a pan-India QoQ basis, house prices in Chennai, Hyderabad and Kolkata saw a marginal spike compared to last year. Residential launches showed a 90% increase in July-September 2021, data from Knight Frank has revealed. During the period, 58,967 new homes were launched, up from 27,232 last year.

“Offers, discounts and reductions in stamp duty boosted sales”

While discounts, offers, stamp duty exemptions and freebies offered by developers have played a key role in boosting sales, the report notes that stamp duty reductions in Mumbai, Pune and Kolkata may have -being a powerful stimulus in demand.

“The stamp duty cuts have been an important intervention applied by several state governments to trigger a strong recovery in sales volumes,” said Rajani Sinha, Chief Economist and Country Director (Research) of Knight Frank India, “ These measures convinced the caretakers to make the decision to buy a house. “

The global surge in residential sales encourages reading as the real estate market enters the holiday season, with developers hoping to keep the momentum going. “The market is bracing for the launch of new projects and consumers are likely to return the favor,” said Shishir Baijal, President and CEO of Knight Frank India.

“While financial stress remains an important factor for developers in all markets, homebuyers’ preference for Class A developers and their access to cheaper credit has positioned them well in this recovering market,” said he added.

First publication: STI

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