The National Capital Region (NCR) witnessed a quarter-on-quarter growth of 43 per cent in the sale of housing units during the October-December period on the back of festive discounts, low interest rates and some premium launches by established developers, said a JLL report.
However, sales are yet to reach the pre-Covid levels witnessed in 2019, it said.
Noida continued to dominate sales with 45 per cent share of overall sales in Delhi-NCR, followed by Ghaziabad, which contributed 31 per cent of the total sales.
The residential market also rebounded with some prominent new launches. In Q4 2020, new launches more than tripled when compared to the last quarter. Majority of the launches were recorded in Gurugram, which accounted for 61 per cent of the new launches followed by Noida which contributed 24 per cent of the launches.
“Homebuyers are increasingly becoming more confident about returning to the market. Site visits and enquiries from prospective buyers have been increasing consistently, driven primarily by end-users who are keen in ready-to-move-in projects and newly launched projects by established developers,” said Manish Aggarwal, Managing Director, Delhi NCR, JLL India.
The report also noted that the quarter also witnessed the launch of plotted developments and individual floors by prominent developers. While prices remained range-bound across all the submarkets, developers are offering freebies and attractive payment terms to serious homebuyers.
Overall, residential property sales across the top seven markets in the country rose by 51 per cent as compared to Q3 2020.
It is important to note that this improvement has been holistic with seven key residential markets showing an uptick in sales. Mumbai, the country’s largest contributor to sales for the last quarter accounted for 23 per cent of the overall sales, while the Delhi-NCR market contributed 20 per cent. Pune saw the maximum increase in sales activity as compared to the third quarter at 147 per cent growth with 3,323 units sold.