Real Estate market beats pandemic, 71% growth in 7 housing markets.

Real estate market has staged a dramatic bounce-back across the top seven property markets in India. Despite the fact the devastating second wave of Covid-19 hitting the economy has reversed consumer sentiment across sectors.

In 2021, the increase in property sales was 71%, hitting 237,000 units, or 90 percent of pre-Covid 2019 levels. According to Anarock Property Consultants, the Mumbai Metropolitan Region (MMR) had the greatest sales with 76,400 units sold, followed by the National Capital Region (NCR) with 40,050 units sold.

Therefore, the property builders believe that 2022 will have script growth, new trends and dynamics in the real estate market. 

Thus, the highest sale was in 1 BHK for sale and 2 BHK for sale apartments.

More about the apartments for sale:

“The pandemic has expedited several existing trends that favour increased suburban expansion and liveliness, digitalisation in house purchase, and growing demand for the hub-and-spoke model in commercial real estate,” said Niranjan to  Hiranandani, managing director of the Hiranandani Group.

He called 2021 a “year of resilience” because of the increased immunisation campaign, lower home loan interest rates, a booming capital market, liquidity influx, record FDI (foreign direct investment), and market consolidation. The 3 BHK for sale and 4 BHK for sale were the second most selled flats. 

Over 237,000 units were released in the calendar year across the top seven cities, surpassing the pre-Covid levels of 2019. During the year, the number of projects launched increased by 85 percent. “Despite the epidemic, the Indian housing sector had a good year in 2021. 

The mid-category, priced between 40 lakh and 80 lakh, accounted for 39 percent of all launches, followed by the sub-40 lakh inexpensive sector, which accounted for 26 percent. The premium market accounted for 25% of the year’s debuts, with prices ranging from Rs. 80 lakh to Rs. 1.5 crore.

Quarterly Sales Since 2015

“The fact that launches have returned to pre-Covid levels is important, and house sales have fallen short of 2019 by just 10%,” Puri added. “Housing sales in the top seven cities reached a new high of 90,860 units in the most recent quarter. Since 2015, this had the strongest quarterly sales performance.”

Developer discounts and offers, government incentives such as Maharashtra’s stamp duty reduction, and lenders maintaining decadal-low borrowing rates all contributed to a considerable increase in homeownership desires.

In 2021, average residential property prices climbed by 3-5 percent year over year in the top seven cities. The largest price increases were in Bengaluru and MMR, at 5%, and in Chennai and Kolkata, at 3%.

There were slight changes in available inventory due to more launches. And overall absorption in the top seven cities than in 2020. However, by the end of 2021, there will be a 2% decrease in available inventory compared to 2019.

According to data, as of the end of 2021, the top seven cities had a combined unsold stock of roughly 6.38 lakh units. MMR and NCR both had an annual reduction of 10% and 5%, respectively.