17th March 2021, New Delhi: In a report released by Prop Equity, India’s leading real estate data, research and analytics firm, total absorption or sales of home units in Delhi/NCR and Chennai increased by 42% and 3% respectively in January 2021 from December 2020.
While it was 2059 units in December 2020, it increased up to 2930 units in January 2021 in Delhi/NCR. On the other hand, in Chennai, it was 1,535 units in December 2020 which later went up to 1,584 units in January 2021.
Comparing sales in January 2021 vs January 2020, it also dropped by 6% from 36,342 units to 34,149 units indicating downfall in a year ago period as well.
“Housing market has definitely evolved post pandemic. With COVID-19 taking a backseat now in most of the cities and Vaccination in full swing, we can expect home sales to rebound in the coming months. We have already seen renowned developers across major cities in India posting solid sales number in the past few months and are gearing up for new launches in coming quarters,” said Mr. Samir Jasuja, MD & Founder – PropEquity.
“Home sales have always been a crucial part of the Indian economy. Going by the numbers, we will surely experience some major changes in the coming months. With a solid rise in home sales in January 2021, especially in Delhi/ NCR, it is likely to upgrade the real estate sector this year on a broader perspective,” said Ankush Kaul, President (Sales & Marketing) – Ambience Group.
Cities’ snapshot
Bengaluru
New launches witnessed a decrease of 44% to 1,195 units from 2,148 units and the absorption decreased by 6% to 3,888 units from 4,132 units.
Chennai
New launches witnessed an iincrease of 126% to 1,494 units from 660 units and the absorption increased by 3% to 1,584 units from 1,535 units.
Hyderabad
New launches witnessed a downfall of 33% to 123 units from 184 units and the absorption decreased by 7% to 3,122 units from 3,357 units.
Kolkata
New launches witnessed a decline of 66% to 253 units from 738 units and the absorption decreased by 9% to 1,266 units from 1,393 units.
MMR
New launches witnessed a decrease of 18% to 6,032 units from 7,366 units and the absorption decreased by 27% to 13,227 units from 18,064 units. MMR region witnessed a significant jump in housing sales in December 2020 due to the stamp duty cut and that demand subsided in January 2021.
NCR
New launches witnessed an increase of 949% to 1,804 units from 172 units and the absorption increased by 42% to 2,930 units from 2,059 units.
Pune
New launches witnessed a decrease of 11% to 3,980 units from 4,488 units and the absorption decreased by 23% to 8,132 units from 10,556 units.
About PropEquity:
P.E. Analytics owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across over 44 cities in India. We add approximately 300 projects every month. It is a premier Business Intelligence product- a first of its kind in India in the Realty space.
Click here for more real estate reports.