The upcoming festival has brought housing sales to surge 113% y-o-y in the top 7 cities in India. This rise from approx. 29,520 units in Q3 2020 to 62,800 units in Q3 2021 has brought a significant demand in the real estate market. Although, most sales in properties (33%) were seen in Mumbai Metropolitan Region, followed by NCR (16%).
New launches in the top 7 cities rose by 98% every year- from 32,530 units in Q3 2020 to 64,560 units in Q3 2021. Meanwhile, MMR offered the highest number of new launches (16,510 units) in Q3, and Hyderabad was close behind with new launches of 14,690 units.
Surprisingly, the mid-segment houses (home price Rs.40 lakh – Rs.80 lakh) and premium homes (priced Rs.80 lakh- Rs.1.5 crores) dominate the market new supply with 41% and 25%, respectively.
The prime reason behind housing sales surge is a hike in IT/ITES, and customers are investing in their dream properties. In Q3, the improved job security and robust hiring in IT/ITES and the financial sector made institutions offer lower home loan rates and growing homeownership sentiment.Â
City-Wise Sales
· Hyderabad recorded sales of approx. 6,735 units in Q3 2021 and has seen a massive spike of over 300% over Q3 2020.
· MMR and Pune also saw a sales surge in the quarter compared to other top cities – by 128% (approx. 20,965 units) in MMR and 100% (approx. 9,705 units) in Pune.
· NCR and Bengaluru saw sales in Q3 2021 increase by approx. 97% (approx. 10,220 units) and 58% (approx. 8,550 units) respectively against Q3 2020.
· Chennai saw approx. 3,405 units sold in Q3 2021 – a significant increase of 113% over Q3 2020.
· Kolkata saw 2X sales jump in Q3 2021 against Q3 2020, with approx. 3,220 units sold in this quarter. With the new launches and house sales skyrocketing at 113%, this quarter made remarkable sales compared to last quarter. Also, MMR and NCR together contributed nearly 50% of the overall housing sales in the quarter.
