The Indian real estate sector seems to be recovering from a slump in demand during the nationwide lockdown as sales during the July-September quarter jumped over 100 per cent on a quarter-on-quarter basis across seven major cities, according to a report by PropEquity.
Housing sales across these seven cities during the third quarter of 2020 stood at 50,983 units, compared with 24,936 units in the previous quarter.
NCR-Delhi witnessed 295 per cent home sales growth in Q3, while other cities like Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, and Pune clocked 86, 131, 159, 89, 70, and 72 per cent respectively.
However, on a year-on-year basis, sales fell by 35 per cent and new launches were down by 30 per cent.
“The Indian real estate sector is showing some recovery as many projects were launched in the last quarter. With various schemes and offers, developers were able to clear significant inventory. As we move into the festive season, we forecast this recovery to continue with more offers, discounts, and attractive payment schemes to attract more customers,” Samir Jasuja, Founder and Managing Director at PropEquity, said.
Speaking on the National Capital Region market, Ankush Kaul, President of Sales and Marketing at Ambience Group, said: “The NCR market, being one of the biggest in the country, continues to be resilient and presents a new level of optimism to the industry. Being well-supplied across all segments of housing, it caters to all categories of home buyers like those seeking affordable, premium, or luxury homes. This remains the biggest USP of this market. On account of the upcoming festive months, it is likely that the sector will see a further revival in terms of sales numbers.”
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