Home sales revive, rise 20% in October: PropEquity

Housing sales in October increased 20 per cent in October on a month-on-month basis across the top seven cities, to 27,061 units, said a report by PropEquity.

In September, a total of 22,469 housing units were sold.

Despite the overall growth, the National Capital Region (NCR) was the only major market where the sales decreased by 3 per cent.

Other cities including Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune saw sales going up by 16 per cent, 3 per cent, 24 per cent, 15 per cent, 35 per cent and 13 per cent respectively.

The data further showed that new launches rose by 28 per cent during the same period to 18,573 units from 14,567 units as developers launched several projects after the lockdown was lifted.

The report noted that the trend indicates that the real estate sector in India is looking at a revival after several months of lockdown announced by the government to stop the spread Covid-19.

The festive season which began in October also did better than the expectations which helped in the revival of the sector, it added.

“We expect this trend to continue to grow in December and also 2021 onwards as the market is upbeat with the announcement of Covid vaccines hitting Indian markets by January,” Samir Jasuja, MD and Founder of PropEquity.

He added that the Centre may also come out with favourable policies in the upcoming Union Budget.

Commenting on the demand scenario, Ankush Kaul, President (Sales and Marketing) – Ambience Group said: “The market in NCR, especially for premium housing, is witnessing stable demand and going ahead, we should see several transactions finalising as the market sentiment is on the upswing.”

He said that next year may see the demand for all segments of housing including affordable, mid income and luxury may reach pre-Covid levels.