Q3 Homes Sales in India Jump over 100%: PropEquity Study

Q3 Homes Sales in India Jump over 100%: PropEquity Study

On 27 Oct , 2020 09:30 PM

07 October 2020, New Delhi: In a report released by PropEquity, India’s leading real estate data, research and analytics firm, sales or absorption of housing units increased by 104% across top 7 cities in India in the third quarter of 2020 to 50,983 units versus 24,936 units in Q2 2020.

The sales went up as COVID related lockdown across India was relaxed in phases to help the economy get back on track.  

The new supply or launches of housing units also increased by 126% during the same period to 38,131 units from 16,808 units in Q2 2020 as developers launched several projects post the lockdown.

Delhi NCR witnessed 295% home sales growth in Q3 2020 versus Q2 2020 while other cities including Bengaluru, Chennai, Hyderabad, Kolkata, MMR and Pune clocked 86%, 131%, 159%, 89%, 70%, 72% respectively. This data includes lottery housing projects.

Data comparison has been made sequentially due to extraordinary situation of pan-India lockdown announced by the Indian Govt. On an year ago basis, sales fell by 35% and new launches by 30%.

“Indian real estate sector is showing some recovery as many projects were launched in the last quarter and 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 payments schemes to attract customers,” Mr. Samir Jasuja, founder and managing director at PropEquity said.

 

Media Indicators

Inventory

 Q3-2019

 Q2-2020

 Q3-2020

 

 Q O Q

 Y O Y

Opening Stock

            838,891

            817,706

            809,578

-1%

-3%

New Supply

              54,192

              16,808

              38,131

127%

-30%

Total Absorption

              78,472

              24,936

              50,983

104%

-35%

New Unsold Stock

            814,611

            809,578

            796,726

-2%

-2%

 

Cities’ snapshot:

MMR

New launches witnessed a growth of 113% to 8,056 units from 3,785 units and the absorption increased by 71% to 16,652 units from 9,750 units.

Hyderabad

New launches witnessed a growth of 370% to 6,580 units from 1,402 units and the absorption increased by 158% to 4,677 units from 1,803 units.

Bengaluru

New launches witnessed a downfall of 2.42% to 6,049 units from 6,199 units and the absorption increased by 86.20% to 6,098 units from 3,275 units.

Pune

New launches witnessed a growth of 137% to 8,664 units from 3,655 units and the absorption increased by 73% to 9,539 units from 5,515 units.

Chennai

New launches witnessed a growth of 1166% to 2,089 units from 165 units and the absorption increased by 131% to 2,403 units from 1,040 units.

Kolkata

New launches witnessed a downfall of 50% to 348 units from 698 units and the absorption increased by 89% to 2,239 units from 1,184 units.

About PropEquity:

P.E. Analytics owns and operates PropEquity which is India’s largest online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across over 44 cities in India. We add approximately 300 projects every month. It is a premier Business Intelligence product- a first of its kind in India in the Realty space.

For media enquiries, please contact:

Kanishk Srivastava

+91-7651810590

kanishk@printeladvisory.com

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