Severely impacted by the COVID-19 pandemic, the top 7 cities saw homes worth approx. INR 88,730 crore sold in the first three quarters of 2020 as against ~INR 1,54,320 crore in the corresponding period of 2019, as per the latest report by ANAROCK Property Consultants.
This is a 43% decline, with total value reduction amounting to approx. INR 65,590 crore during the period. Anuj Puri, Chairman – ANAROCK Property Consultants says, “As was to be expected, the second quarter was lacklustre given the lockdowns and overall pressures on the economy. What is remarkable is how the third quarter stacked up, clearly indicating that buyer sentiment was in place and merely held at bay by uncertainty. Based on these results, there is now every reason to look at the coming festive season with confidence - homebuyers are back on the market. This return of sentiment, coupled with various festive offers and with attractive financial schemes, will produce a marked uptick."
Between January to September 2020, as many as 87,460 units were sold across the top 7 cities as against approx. 2.02 lakh units sold a year ago. However, the quarterly numbers indicate that the worst is over for the residential sector. Q3 2020 saw home sales values increase by more than 2.3 times to approx. INR 29,731 crore - up from INR 12,694 crore in the preceding quarter. Q1 2020 saw home sales worth approx. INR 46,306 crore.
The upcoming festive quarter (Oct.-Dec.) will very probably see home sales values go up on the back of increased demand fed by financial schemes and offers. (Share Manthan, October 12th, 2020)
