However, the 2021 numbers are likely to be lower than the strong demand recorded in the 2019 calendar year. The country's eight largest markets posted record residential sales of 42,827 units in 2019.However, the 2021 numbers are likely to be lower than the strong demand recorded in the 2019 calendar year. The country’s eight largest markets posted record residential sales of 42,827 units in 2019.

Delhi NCR reported a healthy 48% year-over-year growth in home sales at 9,101 units, making it the best quarter so far in the current calendar year, with demand on track to surpass 2020 figures. Residential sales in 2021 will be below pre-pandemic levels.

According to Knight Frank India, the impressive sales figures reported by Delhi NCR were on the back of fixed residential prices along with developers offering flexible deferred payments and huge discounts, among others.

Like most sectors, the real estate industry has also considered identifying alternative channels of operation and redesigning sales channels with potential buyers. Knight Frank India President Shishir Baijal said pricing dynamics have been reconsidered and offers such as flexible deferred payments, huge discounts and free parking or furniture have been rolled out by multiple NCR developers.

“We can say that the (NCR) market has seen positive movement indicating healthy growth in the future. He added that the fact that the luxury ratio in overall sales is increasing and other sectors are receiving the required attention proves that the market here is operating on demand.”

Home sales in 2021 are on track to outpace demand in the previous calendar year. In 2021 so far, Delhi NCR has recorded sales of 20,575 units compared to 21,234 units in 2020, as the April-June quarter was a failure as the country was under nationwide lockdown due to the pandemic.

However, the 2021 numbers are likely to be lower than the strong demand recorded in the 2019 calendar year. The country’s eight largest markets posted record residential sales of 42,827 units in 2019.

Knight Frank noted that the weighted average residential property prices in the NCR market remained stable during the quarter. On a year over year basis, prices are marginally down 1%, while stagnating on a sequential basis.

Across the top eight cities as well, the September quarter saw strong sales. Home sales grew 92% year over year to 64,010 units in key markets in the third quarter of 2021, while new launches rose 90% year over year to 58,967 units. Significant recovery compared to 27,232 launches and 27,453 sales in Q2 2021.

Stamp duty cuts were an important intervention by many state governments to bring about a sharp recovery in sales volumes. Rajani Sinha, chief economist at Knight Frank India, said these actions convinced attendees to make the home buying decision, “to move forward with the economy improving, interest rate remaining low and overall affordability improving, the place to buy homes will continue.” The strong positive impact of the recovery in the real estate sector on the overall economy, and central and state governments should consider policy measures to further stimulate housing demand.”

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