Housing sales Up 51% Across 7 Big cities

Sales of residential properties are estimated to grow 51 per cent across seven major cities during October-December compared with the previous quarter driven by festive demand, but demand is likely to fall 48 per cent in 2020 due to the impact of the pandemic, propert

BY Realty Plus
Published - Saturday, 26 Dec, 2020

Housing sales Up 51% Across 7 Big cities

Sales of residential properties are estimated to grow 51 per cent across seven major cities during October-December compared with the previous quarter driven by festive demand, but demand is likely to fall 48 per cent in 2020 due to the impact of the pandemic, property consultant JLL India said. According to the data, housing sales are estimated to rise at 21,832 units during December quarter as against 14,415 units in July-September. GDP in July-September quarter of 2020 showed higher than expected recovery. During the same quarter, the housing market showed some initial signs of recovery as well, with sales increasing by 34 per cent on a sequential basis The fourth quarter has witnessed 51 per cent improvement in residential sales, with recovery evenly spread among all seven cities. The housing market is set to chart a new chapter of growth in 2021, fuelled by affordability, reinforced desire to own a house and renewed interest from certain buyer segments such as NRIs. According to the JLL India data, housing sales in 2020 could drop 48 per cent to 74,451 units from 143,923 units from previous year as demand slumped in all seven cities. In Bengaluru, sales fell to 10,440 units in 2020 from 26,453 units last year. Housing sales in Chennai declined to 6,983 units from 13,967 units, while in Delhi-NCR demand dipped to 15,743 units from 29,010 units. In Hyderabad, sales decline to 9,926 units from 16,025 units. Kolkata witnessed sharp fall in demand to 2,568 units from 7,463 units. In Maharashtra, Mumbai saw housing sales of 19,545 units in 2020 as against 32,138 units last year while demand in Pune went down to 9,246 units from 18,867 units.