Here’s a good news for all the stakeholders of Indian Real estate sector that has been reeling under pressure from quite a long time. Showing clear signs of recovery, over 62,800 housing units have been sold out in Q3 2021 against 29,520 units in the same period last year in across the top 7 cities, according to the latest ANAROCK report.
The top seven cities: National Capital Region (Delhi-NCR), Mumbai Metropolitan Region (MMR), Hyderabad, Bengaluru, Chennai, Kolkata and Chennai have altogether witnessed 113% y-o-y increase. Demonstrating a quarterly surge of 156%, the new launches have also registered a commendable 78% quarter on quarter increase in the third quarter against the corresponding period in 2020 that remained badly marred by the pandemic. On y-o-y basis the new launches in these top seven cities have surged to 98 % from approx. 32,530 units in the third quarter of 2020 to approx. 64,560 unit in the corresponding period this year.
According to Anuj Puri, Chairman – ANAROCK Group, IT/ITeS has continued to drive the housing demand in these top 7 cities in Q3 2021 on the back of significantly improved job security and robust hiring in the IT/ITeS and financial sectors coupled with record-low home loan rates and growing homeownership sentiment.
He added that the ongoing WFH culture continues to influence residential sentiment on two major fronts – overall housing demand and unit sizes. Meanwhile, the average property prices have seen 3% increase from Rs 5,600 psf in Q3 2020 to Rs 5,760 psf across these top 7 cities in Q3.