Knight Frank (KF), the leading real estate consultancy in India, in its latest report observes that the residential market in India has seen a steady rise in both sales and launches in Q1 2021 (January – March) period.
While launches were recorded at 76,006 units, sales were recorded at 71,963 units in the top 8 cities of India, according to the report.
The report cited that the house price in Chennai has significantly increased to 8% QoQ in Q1 2021.
The home sales registered growth to 4,058 units in Q1 2021 compared to 2,588 units in Q4 2020. New launches also witnessed a meaningful improvement of % to 2,981 units in Q1 2020 compared to 1,167 units in Q4 2020.
Quarterly sales volumes have steadily improved since Q2 2020 and have surpassed the 2019 pre-COVID quarterly sales average in Q1 2021. Mumbai and Pune led the table in both launches as well as sales.
These two markets benefited from significant regulatory impetus in the form of discounts in stamp duty charges that led to significant improvement in sales velocity, the report says.