Housing sales in Q3 jump over two fold to 32,358 units in 7 cities: JLL

Housing sales jumped over two-fold to 32,358 units during July-Sept period across 7 major cities as demand bounced back with unlocking of economic activities and lower Covid infections, according JLL

Housing sales jumped over two-fold at 32,358 units during July-September period across seven major cities as demand bounced back with unlocking of economic activities and lower COVID infections, according to property consultant JLL India.

Sales of residential properties stood at 14,415 units in the year-ago period and 19,635 units in the previous quarter.

JLL India released its Residential Market Update Q3 2021, that tracks housing sales data of seven cities -- Delhi-NCR, Mumbai, Kolkata, Chennai, Pune, Bengaluru and Hyderabad.

Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai. Data includes only sales of apartments. Row houses, villas and plotted developments are excluded from its analysis.

According to the city-wise data for Q3, 2021, housing sales in Bengaluru increased to 5,100 units during July-September 2021 from 1,742 units in the corresponding period of the previous year.

Chennai witnessed fall in housing sales to 1,500 units from 1,570 units. Among seven cities, only Chennai registered a year-on-year fall in sales during the third quarter of 2021 calendar year.

Sales of residential properties in Delhi-NCR jumped more than two times to 6,689 units from 3,112 units.

Hyderabad, too, saw over two-fold jump at 4,418 units from 2,122 units.

Housing sales in Kolkata jumped over five fold to 1,974 units from 390 units, and Mumbai also witnessed growth in housing sales to 6,756 units from 4,135 units.

Housing sales in Pune increased by more than four times to 5,921 units during the third quarter of this calendar year from 1,344 units in the same period last year.

JLL India said that residential sales during January September 2021 increased by 47 per cent to 77,576 units from 52,619 units in the year-ago period.

"This implies that the second wave had limited impact on sales in the first three quarters of 2021," JLL said.

"Sales got a boost from many factors including lower COVID-19 cases in Q3 backed by robust vaccination drive which led to cautious unlocking of the economy in various states," it added.

Unsold inventory in Q3 2021 remained almost stable at nearly 4.78 lakh units when compared to Q2 2021 as demand and supply dynamics remained steady.

An assessment of years to sell (YTS) reveals that the expected time to liquidate this stock has increased marginally from 5.2 years in Q2 2021 to 5.3 years in Q3 2021, the consultant said.