As per a report published by Anarock Property Consultants, the top 7 cities in the country had 29,520 apartment sales in the third-quarter (Q3) of 2020 which is the three month period from July to September. These figures are not too encouraging given that the seven cities sold 45,200 housing units in Q1 2020.
In Q3, the Mumbai Metropolitan Region (MMR) witnessed the maximum sales among the top cities with 9,200 apartments sold in the period while Bengaluru saw around 5,200 apartment sales followed by Pune with 4,850 units sold. In Q2, however, the combined sales from the 7 cities were at 12,730.
It is also noted that cities like MMR, Bengaluru, NCR and Pune made up for 84 per cent of all the sales in Q3. Taking these figures into account, it can be said that the residential market has shown signs of recovery for the first time since the pandemic struck, which is an encouraging sign for a country still coming to terms with the number COVID-19 infections.
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The data also showed that supply i.e. number of new apartments available in the top 7 cities was short in Q3 (32,530) as compared to Q1 of 2020 (41,220). By contrast, a Q3 supply increase was noted in regions like Hyderabad (45 per cent), Kolkata (24 per cent) and NCR (10 per cent).
Chairman at Anarock Property Consultants, Anuj Puri said - “Despite the inexorable rise in Covid-19 cases, periodic local lockdowns across states and the traditionally inauspicious ‘shradh’ period, residential sales and new launches saw reasonable momentum in Q3 2020.”
Separately, unsold inventory saw a 3 per cent decrease year-over-year while a 1 per cent reduction was noted between Q1 and Q3 2020. One of the major contributing factors for the rise in residential sales in Q3 2020 is likely due to investments by NRIs (Non-resident Indians).
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