Housing sales in October improved 20 per cent in October on a month-on-month basis across the best seven cities, to 27,061 units, mentioned a report by PropEquity.
In September, a total of 22,469 housing units had been sold.
Despite the general development, the National Capital Region (NCR) was the only big industry exactly where the sales decreased by 3 per cent.
Other cities which includes 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 information additional showed that new launches rose by 28 per cent for the duration of the similar period to 18,573 units from 14,567 units as developers launched many projects soon after the lockdown was lifted.
The report noted that the trend indicates that the true estate sector in India is hunting at a revival soon after many months of lockdown announced by the government to quit the spread Covid-19.
The festive season which started in October also did improved 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 possibly also come out with favourable policies in the upcoming Union Budget.
Commenting on the demand situation, Ankush Kaul, President (Sales and Marketing) – Ambience Group mentioned: “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 mentioned that subsequent year may possibly see the demand for all segments of housing which includes inexpensive, mid earnings and luxury may possibly attain pre-Covid levels.