The period from July to September witnessed a more than two-fold surge in housing sales, totaling 62,800 units across seven major cities, fueled by increased demand due to low mortgage rates and heightened hiring in the IT/ITeS sector, as reported by property consultant Anarock. This marked a substantial increase from the 29,520 units sold in the same period the previous year and the 24,560 units in the preceding quarter.
The seven cities tracked by Anarock include Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, and Pune. Housing prices experienced a 3 percent appreciation across these cities, reaching Rs 5,760 per square foot in the third quarter of the 2021 calendar year, compared to Rs 5,600 per square foot in the corresponding period of 2020.
Anarock Chairman Anuj Puri attributed the surge in housing sales to enhanced job security, robust hiring in the IT/ITeS and financial sectors, record-low home loan interest rates, and an increasing inclination towards homeownership. He emphasized the significant role played by the ongoing Work From Home (WFH) culture in influencing residential sentiment, impacting overall housing demand and unit sizes.
The accelerated vaccination drive has contributed to increased site visits by prospective customers. The data reveals notable growth in housing sales across various cities:
– Delhi-NCR: A 97 percent increase to 10,220 units from 5,200 units in the year-ago period.
– MMR (Mumbai Metropolitan Region): Over a two-fold jump to 20,965 units from 9,200 units in the same quarter last year.
– Bengaluru: A 58 percent rise to 8,550 units from 5,400 units.
– Pune: A 100 percent increase to 9,705 units from 4,850 units.
– Hyderabad: A fourfold surge to 6,735 units from 1,650 units.
– Chennai: More than two times increase to 3,405 units from 1,600 units.
– Kolkata: A 99 percent rise to 3,220 units from 1,600 units.
On the supply side, the top seven cities experienced a 98 percent increase in new launches, totaling 64,560 units in the third quarter of the calendar year, up from 32,530 units in the same period in 2020. Anarock had earlier projected a 30 percent year-on-year increase in housing to reach 1,79,527 units across these cities in 2021, compared to 1,38,344 units the previous year. In 2019, pre-COVID, housing sales stood at 2,61,358 units across these cities.
