Real estate market consolidating; no decline in home prices: Anarock

The second wave of COVID-19 was not as bad for the real estate sector as the first, said Anuj Puri, chairman of Anarock, on Thursday. Puri also said that the real estate market is getting consolidated and Q1 was worse for unorganised players. However, there has been no decline in home prices.

Speaking in an interview with CNBC-TV18, he said, “The second wave was very bad as far as health was concerned but it’s coming out for various economies and even on the real estate front, it wasn’t as bad. Therefore, when compared with Q1 of 2020, Q1 of 2021 is 93 percent ahead of sales while Q1 of 2020 was a washout.”

According to him, Hyderabad, Bengaluru and Chennai accounted for 51 percent of the total new launches. “This does show that the residential sales remain strong, but it’s remained strong only for the large unlisted developers and the leading listed developers. It hasn’t been strong for everyone. Under construction, if it’s not a good developer, we are finding it difficult to sell stock. So, I do feel the market is getting, very quickly, consolidated and you are going to see a lot of larger players becoming even larger,” said Puri.