Housing sales gain traction

The Indian real estate sector seems to be recovering from a slump in demand during the nationwide lockdown as sales during the July-September quarter jumped over 100 per cent on a quarter-on-quarter basis across seven major cities, according to a report by PropEquity.

Housing sales across these seven cities during the third quarter of 2020 stood at 50,983 units, compared with 24,936 units in the previous quarter.

NCR-Delhi witnessed 295 per cent home sales growth during the three months, while other cities like Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai Metropolitan Region, and Pune clocked 86, 131, 159, 89, 70, and 72 per cent respectively. However, on a year-on-year basis, sales fell by 35 per cent and new launches were down by 30 per cent.

"The Indian real estate sector is showing some recovery as many projects were launched in the last quarter. With various schemes and offers, developers were able to clear significant inventory. As we move into the festive season, we forecast this recovery to continue with more offers, discounts, and attractive payment schemes to attract more customers," Samir Jasuja, Founder and Managing Director at PropEquity, said.