Housing sales dips 23% in Apr-Jun over previous quarter; up 83 % annually

Housing sales declined 23% in April-June across seven cities compared with the previous quarter due to the second wave of the Covid pandemic, but witnessed an 83% rise on an annual basis

Housing sales declined 23 per cent in April-June across seven cities compared with the previous quarter due to the second wave of the COVID pandemic, but witnessed an 83 per cent rise on an annual basis, according to JLL India.

In its latest report, real estate consultant JLL India said that sales of residential properties stood at 19,635 units during April-June period of this calendar year.

Sales of residential properties stood at 25,583 units in the January-March quarter of 2021, and at 10,753 units during April-June period of last year.

JLL India tracks Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad and Pune. Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai.

On a quarter-on-quarter comparison, sales in Bengaluru rose to 47 per cent 3,500 units during April-June 2021, from 2,382 units in the previous quarter.

Chennai witnessed a drop of 81 per cent to 600 units from 3,200 units.

Housing sales in Delhi-NCR fell 55 per cent to 2,440 units from 5,448 units.

In Hyderabad, sales declined to 3,157 units from 3,709 units.

Housing sales in Kolkata were down 56 per cent to 578 units from 1,320 units.

In Mumbai sales rose marginally to 5,821 units from 5,779 units, while Pune saw a 6 per cent fall in demand to 3,539 units from 3,745 units.

According to the data, in April-June 2020, housing sales in Bengaluru stood at 1,977 units, Chennai 460 units, Delhi-NCR 2,250 units, Hyderabad 1,207 units, Kolkata 481 units, Mumbai 3,527 units and Pune 851 units.

Sales of 45,218 residential units were recorded in the first half (H1), 2021, as against 38,204 units in H1 2020, an increase of 18 per cent year-on-year.

"The sustained levels of residential sales present clear signs of demand and buyer confidence coming back to the market. The need for secured tangible assets and aspirations to own larger homes as remote working becomes the new norm is driving sales of residential properties across the country," JLL India said.

Residential prices in a majority of India's residential markets have remained stagnant in the past few years.

In Q2 2021, prices remained largely stagnant when compared to the previous quarter, across all the seven markets under review, it said.