The second wave of COVID-19 marred home purchasing sentiment in April-June 2021. Homebuyers took a back seat and avoided website visits amid restrictions on movement. Deals on the verge of finalisation have been place on a hold. Overall, home sales dwindled by an typical of 55 per cent, QoQ, in the leading eight metro cities.
The housing market place in Delhi NCR also suffered a important setback in April-June 2021. While the residential enquiries began drying up from the very first week of April, the consequent lockdown from the third week of April to May 31 remained a huge spoiler, bringing the market place to a standstill. Despite the enterprises reopening from June onwards, the partial lockdown persistent in some zones slowed down the recovery approach, according to 99acres Insite Report for April-June’21.
Subsequently, the housing sales in Delhi NCR truncated by about 70 per cent QoQ in the April-June 2021 quarter. New provide plummeted drastically in the assessment period as lots of developers rescheduled their launches to Q3 2021. The non-operational markets kept the unsold inventory in Delhi NCR unchanged at 1.5 lakh units in the quarter ending June 2021. The period essential to dispose of this stock stands at 60 months.
Speaking on the report, Maneesh Upadhyaya, Chief Business Officer, 99acres.com, stated, “The Indian economy went through a tumultuous time in April-June 2021, battling one of the biggest healthcare crisis ushered by the unprecedented second wave of COVID-19. Like most sectors, transactions in real estate market, too, came to a grinding halt in April with lockdown restrictions across the country. Subsequent to a reviving January-March quarter, which witnessed site visits, home enquiries and sales volume going up in both new home and resale segments, the months of April and May recorded a dip in numbers unheard of.”
“Not surprisingly, as people battled for medical care and survival, sale-purchase of homes was put on the back burner. Responses on 99acres went down by over 25 per cent in April-June 2021 against the previous quarter. Owner listings, too, saw a 5 per cent degrowth as seller community echoed the uncertain and grim market sentiment. Nevertheless, home enquiries picked up as active COVID caseload and lockdown restrictions dropped in June. 99acres too witnessed an upward trend in both owner listings and responses in the month followed by a two-month descent. In the subsequent quarters, no upward revision in lending rates and State specific subsidies on stamp duty and registration charges will help spur demand in the residential segment,” he added.
Post the revival of sorts in Q1 2021, the housing market place in Noida, Greater Noida and Ghaziabad hit the skids in April-June 2021 with the resurgence of COVID-19. While the resale market place continued to witness demand due to GST added benefits and reduce dangers, the major market place remained worst-hit amid restricted provide of prepared residences. Resultantly, housing sales in the area dipped by about 60 per cent QoQ.
Central Noida and Noida Extension remained common for 2 BHK and 3 BHK apartments in the Rs 40-60 lakh and Rs 65-80 lakh spending budget categories, respectively. Sectors 150 and 43 along the Noida-Greater Expressway continued attracting homebuyers owing to their direct access to the upcoming Jewar Airport and residential provide by renowned developers. Apartments priced Rs 80-90 lakh have been the most common in these locations.
Independent residences received enquiries in Sectors 39, 41, 47 and 50 nevertheless, monetary adversity and sellers’ unwillingness to give discounts compelled lots of potential purchasers to defer their purchases.
Housing transactions in Gurgaon and Faridabad nosedived in April-June 2021. While up to 90 per cent hike in circle prices and the COVID-19 second strain led to about 25 per cent dip in Gurgaon, Faridabad’s residential market place recorded a 10 per cent drop in residential transactions, QoQ. Increased demand for builder floors in Neharpar and residential plots in Sectors 83 and 89, induced by provides such as versatile payment plans and reduce interest prices and discounts, helped in a handful of deal closures in Faridabad.
Gurgaon & Faridabad: Budget-Wise Demand & Supply
The residential market place in Gurgaon struggled for purchasers nevertheless, a handful of locations, such as DLF Phase 1, 2 3 and 4, Sushant Lok 1 and Golf Course Extension Road, continued to deflect the COVID-19 curveball and recorded maximum enquiries for 3 BHK units pegged at Rs 1.5-Rs 3 crore. Residential plots measuring 1,500-3,000 sq ft in Sohna and along Dwarka Expressway also remained common amongst investors.
Despite the all-time low home loan interest prices, the housing market place in Delhi remained sluggish in April-June 2021. The challenges posed by the second wave of COVID-19 bogged down the homebuying capacity of folks. Consequently, the month-on-month sales in the metropolis declined by 15-20 per cent in Q2 2021.
The premium pockets of South Delhi, such as Neeti Bagh, Gulmohar Park, Greater Kailash, Defence Colony, Vasant Kunj and Vasant Vihar, continued to obtain enquiries. Of all, 3 BHK builder floors with terrace rights grew as a common option, followed by ground floors.
Janakpuri, Vikaspuri and Rohini in West Delhi also received traction from homebuyers in the resale segment. The typical obtain prices in these locations have been about Rs 4,500-8,500 per sq ft. Uttam Nagar remained common amongst purchasers hunting for expense-successful residences priced Rs 30-35 lakh.