Housing sales on recovery road, up 59% annually in Jul-Sep across 8 cities

Housing sales across eight major cities registered an annual growth of 59% during July-September at 55,907 units, but demand jumped over three-fold against the previous quarter

Showing signs of recovery, housing sales across eight major cities registered an annual growth of 59 per cent during July-September at 55,907 units, but demand jumped over three-fold against the previous quarter, according to PropTiger.com.

Sales stood at low levels at 35,132 units in the July-September last year and 15,968 units in the previous quarter because of the adverse impact of the first and second wave of the COVID pandemic. In its report Real Insight (Residential) -July-September (Q3) 2021', PropTiger, one of the leading housing brokerage firms, said the demand for residential properties bounced back after the second wave.

This is the fourth report on quarterly housing sales of major primary property markets by different property consultants. All reports have shown growth in sales during July-September 2021 on both year-on-year and sequential basis, but there are wide variation in their market data.

Commenting on the report, Dhruv Agarawala, Group CEO at Housing.com, PropTiger.com and Makaan.com, attributed the growth in sales to lower interest rates on home loans, increased affordability of housing properties and gaining concept of home ownership amid the COVID pandemic.

The stage is now set for the festive season to give that much-desired fillip for the industry that it has been eagerly awaiting and working so hard for, Agarwala said.

According to PropTiger, housing sales in Ahmedabad rose 64 per cent to 5,483 units in July-September 2021 from 3,339 units in the same period last year.

Bengaluru saw a 36 per cent increase in sales to 6,547 units from 4,825 units.

Sales of residential properties in Chennai doubled to 4,665 units from 2317 units.

The growth in housing sales remained muted in the Delhi-NCR market, which witnessed sales of 4,458 units as against 4,427 units in the year-ago period.

In Hyderabad, sales more than doubled to 7,812 units from 3,260 units.

Housing sales in Kolkata rose 7 per cent to 2,651 units from 2,479 units.

Mumbai saw a 92 per cent increase in sales to 14,163 units from 7378 units.

Housing sales in Pune grew 43 per cent to 10,128 units in July-September 2021 from 7,107 units in the corresponding period of last year.

As per the report, housing units in the price bracket of less-than-Rs-45-lakh contributed the highest to the quarterly sales with 40 per cent contribution, followed by Rs 45-75 lakh ticket-size bucket, which took 28 per cent share.

On new supply, PropTiger said that the eight prime residential markets saw a remarkable upswing in July-September, showing a three-fold jump to 65,211 units from 19,865 units in the year-ago period.

Realty portals Housing.com, Makaan.com and PropTiger.com are owned by REA India (previously known as Elara Technologies Pte Ltd).

REA India is part of Australia-based REA Group Ltd.