Bengaluru: 99,416 Housing units sold in India in the first half of this year, up 67% from the same period the previous year, while the new launch jumped 71% to 103,238 units, data from the Independent Knight Frank Show property consultation.
The first three months of this year reported more sales, with Mumbai and Pune contributed around 45% to the total number, mostly caused by the state government’s decision to reduce stamp duty for a limited period of time.
While housing sales began to show resurrection, the momentum was affected by the second wave of pandemic began towards the end of March.
The second wave, despite the very morbid potential, less severe in the housing real estate market.
“Accelerated back economic activity and the increase in the availability of vaccines has triggered market traction in the second half of 2020 and this momentum was brought into Q1 2021.
The second wave of Covid-19 infection has hampered this momentum but must be seen more than a quick lump,” said Shishir Baijal, “said Shishir Baijal, Cmd from Knight Frank India.
All major markets see the launch increased significantly because developers take steps to utilize demand strength.
The majority of new launches were recorded in the first quarter of this year and launched dried after that, with the second quarter calculation of only 25% of the total launch.
But when compared to the same period last year, growth was almost five times.
While prices remain unchanged, not sold inventories – apartments built but not sold – reduced reflect some spurts in sales.
The impact of the pandemic feels acute in home sales under affordable categories.
Part of the sale of houses worth less than RS 50 lakh decreases by 5% and is 42% of all sales in the past six months.
The house costs more than Rs 1 Crore are around 19% while the middle market segment – prices ranged between Rs 50 Lakh and Rs 1 Crore – contributed 39%.