Amid stamp duty, home loan rate cuts by bank and various other measures taken by the government at the centre as well as by several state governments to boost buyer confidence have pushed home sales in’ eight prime residential markets s in India by 12% in the January-March quarter (Q1) of CY(calendar year)2021 compared to October-December quarter of 2020, according to a recent report by online property brokerage firm PropTiger.com.
According to Real Insight – Q1CY21, builders sold a total of 66,176 homes in the primary market in the January-March quarter of 2021, a time marked with several state governments, including Maharashtra and Delhi, announcing stamp duty and circle rate reductions to boost buyer sentiment and by effect housing sales.
When compared to Q1CY20, however, home sales in the markets covered in the analysis showed a decline of 5% from 69,555 units, something that can be termed marginal, considering that the January-March period in 2020 was the last quarter before the pandemic spread started in India.
“This positive change is visible in the first quarter through an increase in supply numbers, an indication that developers are more comfortable now with regard to liquidity support and buyer sentiment.
Metrics on the demand side have also been largely stable with the job market opening up again in various industries, giving people the confidence to take advantage of a property market that is at its most affordable for home buyers in years” said Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com.
“Though the recent surge in COVID infections concentrated in a few markets is a concern, we expect the residential market recovery to continue,” Mr. Agarwala added.