Mumbai, the country’s largest contributor to sales for this quarter accounts for 23% of the overall sales, while the Delhi-NCR market accounts for 20%.
In a sign that sales in the residential sector are fast recovering from the impact of Covid-19, the last three months i.e; October-December of this year saw an increase of 51% in sales compared to July-September 2020. This improvement has been holistic with all seven key residential markets showing an uptick in the sales, according to the findings shared by JLL India.
Mumbai, the country’s largest contributor to sales for this quarter accounts for 23% of the overall sales, while the Delhi-NCR market accounts for 20%. Pune saw the maximum increase in sales activity compared to the third quarter at 147% with 3,323 units sold in all.
Ramesh Nair, CEO and country head (India), JLL said: “In the backdrop of issues like job security and fall in income levels, this uptick in sales is a significant achievement. The housing market will chart a new chapter of growth in 2021, fuelled by affordability, reinforced the desire to own a house and renewed interest from certain buyer segments such as NRIs”.
In terms of new launches, the fourth quarter of 2020 witnessed 26,785 new residential unit launches, more than twice the new launches witnessed in July-September months of 2020. New launches in Q4 2020 increased in all markets sequentially. Bengaluru and Delhi-NCR saw a substantial increase in launches during the quarter. Hyderabad dominated new launches accounting for nearly 40% of the overall launches during the quarter and Bengaluru followed with over 16%. However, new launches are still restricted compared to the pre-Covid levels. Developers across the markets focused on completion of under-construction projects and clearing existing inventory, the property consultant said.
Samantak Das, chief economist and head of research & REIS (India), JLL said: “Given that the affordable and mid-segments—in the sub Rs 1 crore bracket, continue to witness maximum sales traction, select developers are also reviewing their projects to make them more aligned to buyers, both in terms of product and price. Additionally, buyers are unwilling to take any risks and are showing a higher preference for completed projects, or projects where significant construction is underway”.