Housing sales across seven major Indian cities witnessed a big jump during the July-September period on the back of low mortgage rates and hiring in IT/ITeS sector.
According to property consultant Anarock, residential property sales during this period jumped two-fold to 62,800 units.
Housing unit sales stood at 29,520 units in the same period a year ago and 24,560 units in the previous quarter.
The seven cities tracked by Anarock are Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
Housing prices appreciated by 3 percent across the seven cities to Rs 5,760 per square feet in the third quarter of 2021 calendar year from Rs 5,600 per square feet year-on-year.
Anarock Chairman Anuj Puri said, "IT/ITeS continues to drive the bulk of housing demand in the top 7 cities."
He attributed the jump in housing sales to improved job security and robust hiring in the IT/ITeS and financial sectors, along with record-low home loan interest rates and growing homeownership sentiment.
"The ongoing WFH (Work From Home) culture continues to influence residential sentiment on two major fronts - overall housing demand and unit sizes," Puri said.
According to the report, the fast-paced vaccination drive has helped increase site visits by prospective customers.
As per the data, housing sales in Delhi-NCR have witnessed a jump of 97 percent to 10,220 units during July-September 2021 from 5,200 units in the year-ago period.
The MMR (Mumbai Metropolitan Region) residential market sales increased over two-fold to 20,965 units YoY.
Housing sales in Bengaluru rose 58 percent to 8,550 units from 5,400 units during the period under review. Pune, a key market in Maharashtra, saw sales rising by 100 percent to 9,705 units from 4,850 units.
Housing sales in Hyderabad jumped four times to 6,735 units in the third quarter of 2021 from just 1,650 units in the corresponding period of last year.
Residential property sales in Chennai stood at 3,405 units in the period, more than two times from 1,600 units sold in the year-ago period.
Kolkata witnessed an increased in housing sales by 99 percent to 3,220 units during the period, from 1,600 units in the corresponding period of the previous year.
On supply side, the top seven cities saw new launches of 64,560 units during the third quarter of this calendar year, up 98 percent from 32,530 units in Q3, 2020.
In 2019 calendar year, pre-COVID, housing sales stood at 2,61,358 units across these seven cities.
(Edited by : Bivekananda Biswas)
