New housing data released by Anarock Property Consultants shows that a large portion of homebuyers in the Mumbai Metropolitan Region (MMR) upgraded to a bigger home after the onset of the coronavirus pandemic. The data also reported figures from Delhi NCR which saw 85 per cent of buyers purchasing their first homes in the time period between July 2020 and March 2021.
Around 65 per cent of homeowners in MMR upgraded to a larger home during the same timeframe. Housing sales amounted to 47,140 units in MMR post COVID, while Delhi NCR witnessed sales of 21,750 units. Data shows that the period between July 2020 and March 2021 saw around 90 per cent of the housing sales made directly to end-users in NCR and MMR while only 10 per cent were sold to investors.
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Anarock highlights that low interest rates, reductions in stamp duty, and the bottomed-out prices of properties were a big factor in driving the housing market in MMR. Several buyers upgraded from 1 BHK to 2BHK or 3BHK establishments, the report said.
Speaking on the data released by Anarock, President of the National Real Estate Development Council (NAREDCO), Dr Niranjan Hiranandani said, “While the pandemic also saw investors prefer real estate over paper-based volatile asset classes, as the actual home-buying during the last year has largely been by end-users.”
“Home loan interest rates being at historic lows, states like Maharashtra announcing a stamp duty rate reduction, while states like Delhi reduced the Circle Rates also helped boost sales velocity. The NRI segment has also been a part of the home buying in Indian real estate, as the global Indian factored in the possibility of having to return home amidst geo-political and trade uncertainties, in the wake of pandemic,” Hiranandani added.
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