Sales of residential properties are estimated to grow 51 percent across seven major cities during October-December compared with the previous quarter driven by festive demand, but demand is likely to fall 48 percent in 2020 due to the impact of the pandemic, property consultant JLL India said.
According to the data, housing sales are estimated to rise at 21,832 units during the December quarter as against 14,415 units in July-September.
According to JLL India, CEO and Country Head Ramesh Nair said in a statement,
GDP in the July-September quarter of 2020 showed a higher than expected recovery. During the same quarter, the housing market showed some initial signs of recovery as well, with sales increasing by 34 percent on a sequential basis. In the backdrop of issues like job security and fall in income levels, this uptick in sales was a significant achievement.
The fourth quarter has witnessed a 51 percent improvement in residential sales, with recovery evenly spread among all seven cities, he added.
Nair further said the housing market is set to chart a new chapter of growth in 2021, fuelled by affordability, reinforced the desire to own a house, and renewed interest from certain buyer segments such as NRIs.
According to the JLL India data, housing sales in 2020 could drop 48 percent to 74,451 units from 143,923 units from the previous year as demand slumped in all seven cities.
In Bengaluru, sales fell to 10,440 units in 2020 from 26,453 units last year. Housing sales in Chennai declined to 6,983 units from 13,967 units, while in Delhi-NCR demand dipped to 15,743 units from 29,010 units.
In Hyderabad, sales decline to 9,926 units from 16,025 units.
Kolkata witnessed a sharp fall in demand to 2,568 units from 7,463 units.
In Maharashtra, Mumbai saw housing sales of 19,545 units in 2020 as against 32,138 units last year while demand in Pune went down to 9,246 units from 18,867 units.
Realtors' apex bodies CREDAI and NAREDCO do not compile data of new supply and sales of their around 25,000 developer members.
The housing market data are being provided by property consultants and data analytics firms on a quarterly basis, but with wide variations.
Listed real estate companies also provide their own quarterly sales bookings and launch numbers along with financial results.
