According to a leading research, housing sales are expected to increase 30 per cent year-on-year (y-o-y) to 1,79,527 units across seven cities in 2021 from 1,38,344 units last year.

 

Housing sales are likely to rise by 30 per cent across seven major cities to nearly 1.8 lakh units in 2021. According to the research, housing sales are expected to increase 30 per cent year-on-year (y-o-y) to 1,79,527 units across seven cities in 2021 from 1,38,344 units last year.

 

In 2019, housing sales stood at 2,61,358 units across seven cities – Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata. The report also estimated sales to further rise in 2022 and 2023 to 2,64,625 and 3,17,550 units, respectively. The report states “The residential sector is showing healthy year-on-year growth since 2017 until the latest peak year of 2019”. While the second half of the year did showcase the remarkable resilience of the Indian residential real estate, a new bottom for the sector was created in 2020.  The report states that the ongoing trend of sales exceeding supply is likely to continue. “2021 is expected to witness an increase of 35 per cent in housing launches and a 30 per cent increase in sales over the previous year”. When compared to 2019, supply and sales may be lower by 28 per cent and 31 per cent, respectively.

 

“The unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing, and innovative business practices have served to soften the overall impact of COVID-19 on the Indian residential sector,” the report stated. According to report data, housing sales stood at 3,42,980 units in 2014; 3,08,250 units in 2015; 2,39,260 units in 2016; 2,11,143 units in 2017 and 2,48,311 units in 2018.

 

Source:  www.financialexpress.com