Residential sales more than January and September 2021 have improved by 47%, compared to the very same period last year across the best seven cities, according to JLL’s residential industry update – Q3 2021, released on Monday. This implies that the second wave had a restricted influence on sales in the initial 3 quarters of 2021.
On a sequential basis, sales enhanced by 65% through Q3 2021. Sales got a increase from numerous variables which includes decrease Covid-19 circumstances in Q3 backed by robust vaccination drive, which led to cautious unlocking of the economy in numerous states.
Sales of more than 32,300 residential units had been recorded in Q3 2021, whilst sales volume in Q3 surpassed the sale volume recorded in the pre-Covid period of Q1 2020 by 18%. Hyderabad saw the highest new launches forming 28% of all round new launches through Q3 2021.
Most new launches in bigger markets of Bengaluru, Mumbai and Delhi NCR had been in cost-effective and mid segments, the report stated. Siva Krishnan, head (residential), India, JLL stated, “Developers have already started launching optimally sized apartments to capture changing consumer preference across most of the cities. The Indian residential sector is expected to witness sustained growth in the coming quarters. The renewed buyer’s confidence has been instrumental in the recovery of the housing market in Q3 2021, which recorded a good volume of sales and launches as compared to the same period last year and almost inching towards the pre-covid era. Sales of more than 32,300 residential units were recorded in Q3 2021 against 19,635 units in Q2 2021, a significant increase of 65% quarter-on-quarter”.
At the very same time, it is encouraging to note that the sales volume through the quarter is inching closer to the typical quarterly volume of sales recorded in the pre-covid era of 2019, which stood at about 35,000 units. This definitely indicates that the industry sentiments are enhancing compared to the earlier year and bringing back buyer’s self-assurance in the industry. Further reduction in home loan prices coupled with the festive season and enhanced industry sentiments augurs effectively for the residential sector.
The best seven cities beneath consideration witnessed new launches of 32,863 units in Q3 2021, an improve of 21% quarter-on-quarter. As the economy started to increase and with the festive season about the corner, developers continued to launch residential projects across the nation. Most of the new launches in the markets of Bengaluru, Mumbai and Pune had been in cost-effective and mid segments. Pune and Mumbai, which contributed 23% and 19% respectively to the all round new launches followed.
The markets of Kolkata, Delhi NCR and Pune witnessed a substantial improve in launch activities through Q3 2021, when compared to the very same period last year as effectively as from the earlier quarter. Development focus on mid and cost-effective segments continued in Q3 2021 with 77% of the new launches in the sub-Rs 1 crore category.