Home Sales In Pan-India Surge 78%, New Supply Up By 56% In Q4: Propequity Study

In a report released by PropEquity, India’s leading real estate data, research and analytics firm, total absorption or sales of home units in the top 7 cities in India increased by 78% in Q4 2020 to 110,811 units versus 62,197 units in Q3 2020. Also, new launches rose by 56% during the same period to 62,891 units from 40,275 units as market sentiment increased with COVID cases falling rapidly across India and recoveries growing at a rapid pace.

The National Capital Region (NCR) was the only region where the sales decreased by 32%, while other cities, including Bengaluru, Chennai, Hyderabad, Kolkata, MMR and Pune, saw sales going up by 46%, 52%, 74%, 41%, 130% & 120% respectively, on a Q-o-Q comparison. Data comparison has been made sequentially due to national level impact of the COVID-19 spread. Sales in Q4 2020 vs Q4 2019 also increased by 25%, indicating a strong recovery in a year ago period as well.

Residential real estate in India continues to be an end-user-driven market, as ready-to-move-in or nearing completion properties are being preferred. Developers with an excellent track record in terms of quality and execution continued to witness solid sales numbers across projects.

“We have been witnessing home sales improving steadily over the last 4-5 months, with most locations experiencing solid sales driven by end users. Projects have also started to establish price increases as demand for blue-chip projects, especially in the luxury and premium housing domain, is exceeding supply. We expect 2021 to provide the right platform for the housing sector in India as many of the buyers who were fence-sitting in 2020 would eventually finalise their buying decisions now,” said Ankush Kaul, President (Sales & Marketing) – Ambience Group.