Despite unusual pressures on the housing market, residential real estate is on a high this festive season.
ANAROCK Property Consultants sold 1,805 homes across top 9 Indian cities (NCR, MMR, Chennai, Kolkata, Bangalore, Pune, Hyderabad, Ahmedabad and Lucknow) and Dubai in the months of September and October this year. Last year, the firm sold 1,016 units in the corresponding period.
Anuj Puri, Chairman – ANAROCK Property Consultants says, “Our sales in these two months saw a 78% y-o-y jump over the same period in 2019. Much can be attributed to the multiple schemes and offers available across cities this year – particularly the limited-period stamp duty cuts in Maharashtra. In many cities, these incentives add up to an overall financial benefit of 5-15% of the property cost. The rock-bottom home loan interest rates have also played a role in India, while NRIs seem to be making the most of the reduced property prices in Dubai.”
“City-wise, MMR remains our most active market, with nearly 573 units sold in this two-months period amounting to an annual jump of 116%”, says Puri. “Interestingly, our sales in Chennai saw an almost five-fold yearly jump with 223 homes sold in Sept.-Oct. 2020, against just 45 units in the same period last year. Most sales are by end-users looking to buy and own homes in a marketplace radically transformed by the COVID-19 pandemic.”
At an industry level, ANAROCK expects the top 7 cities to cumulatively record a 35% jump in housing sales in the ongoing festive quarter (Oct.-Dec.) against the July to September period (Q3 2020). If this pans out, housing sales in the whole of CY2020 will have rebounded to more than 50% of the overall sales clocked in CY2019 - approx. 2,61,500 units were sold in 2019 across the top 7 cities. This is significantly higher than previous predictions.
Comparing housing sales on q-o-q basis in the whole of 2020, ANAROCK anticipates overall industry-level housing sales across the top 7 cities to rebound to nearly 90% of the pre-COVID-19 levels (Q1 2020) in Q4 2020 (Oct-Dec).
Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.