Housing sales may rise 30% in 2021; to remain below pre-COVID levels: Report
PTI, Aug 19, 2021, 11:38 AM IST
New Delhi: Housing sales are likely to rise by 30 per cent across seven major cities to nearly 1.8 lakh units in 2021, but demand will still be lower than the pre-COVID levels, according to property consultant Anarock.
According to Anarock research, housing sales are expected to increase 30 per cent year-on-year (y-o-y) to 1,79,527 units across seven cities in 2021 from 1,38,344 units last year.
In 2019, housing sales stood at 2,61,358 units across seven cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
The consultant also estimated sales to further rise in 2022 and 2023 to 2,64,625 and 3,17,550 units, respectively.
Anarock Chairman Anuj Puri said: “The residential sector was showing healthy year-on-year growth since 2017 until the latest peak year of 2019, but this trajectory was derailed by the COVID-19 pandemic. Otherwise, 2020 was expected to be a watershed year for the housing sector”.
While the second half of the year did showcase the remarkable resilience of the Indian residential real estate, a new bottom for the sector was created in 2020, he added.
“2020 is not a year that the industry is likely to forget very soon,” Puri said.
Anarock said the ongoing trend of sales exceeding supply is likely to continue.
“2021 is expected to witness an increase of 35 per cent in housing launches and a 30 per cent increase in sales over the previous year,” Anarock said.
When compared to 2019, supply and sales may be lower by 28 per cent and 31 per cent, respectively.
“The unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing, and innovative business practices have served to soften the overall impact of COVID-19 on the Indian residential sector,” the consultant said.
According to Anarock data, housing sales stood at 3,42,980 units in 2014; 3,08,250 units in 2015; 2,39,260 units in 2016; 2,11,143 units in 2017 and 2,48,311 units in 2018.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Sony India bags ACC media rights for eight years
Musk says X now top news app on App Store in India
Air India to offer integrated aircraft maintenance engineering programme
Markets stage sharp recovery; Sensex reclaims 79k level, Nifty surges 557.35 points
Baku climate talks: The ‘X’ factor that could determine future of Global South
MUST WATCH
Latest Additions
Air pollution: SC flags Delhi govt’s failure to implement GRAP-4 curbs on entry of trucks
Drugs worth Rs 6 crore seized in Bengaluru, five arrested
Siddaramaiah urges Nirmala Sitharaman to address NABARD’s loan cuts to farmers
Satwik-Chirag enter semifinals, Lakshya loses to Antonsen in China Masters
BJP stages protest against Congress govt in Karnataka over Waqf properties row
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.