Pune: Despite the spiraling COVID-19 pressures across the country, the Indian housing sector made a decisive comeback in Q3 2020 with sales and new launches rebounding to 65 per cent and 79 per cent of the pre COVID-19 levels (Q1 2020) respectively. Pune Real Estate rebounded to 67 per cent of the pre Covid-19 quarter.
The top 7 cities witnessed housing sales of approx. 29,520 units in Q3 2020 as against 45,200 units in the pre-COVID-19 quarter of Q1 2020. Sales were significantly higher than the preceding quarter, when the coronavirus pandemic had brought sales down to just 12,730 units.
Anuj Puri, Chairman of ANAROCK Property Consultants said, “Mumbai Metropolitan Region (MMR), Bengaluru, NCR and Pune altogether accounted for 84 per cent sales in the July-September quarter. MMR saw maximum sales of 9,200 units, followed by Bengaluru with 5,400 units, NCR with 5,200 units and Pune with 4,850 units.”
“In terms of new launches, the top 7 cities witnessed supply of about 32,530 units in Q3 2020 as against 41,220 units in Q1 2020, reaching over 79 per cent of the pre COVID-19 quarter levels. Cities like Hyderabad, Kolkata and NCR saw new supply increase during the quarter as against the first quarter of 2020. Most new launches in the quarter happened virtually,” Puri said.
Q3 2020 Overall Sales Overview:
Approximately 29,520 units were sold in Q3 2020, rebounding back to 65 per cent of pre COVID-19 quarter (Q1 2020). NCR, MMR, Bengaluru and Pune Real Estate together accounted for 84 per cent of the sales in the quarter. Interestingly, in comparison to the preceding quarter, sales have increased by over 132 per cent in the top cities.
- MMR saw nearly 9,200 units sold in Q3 2020 as against 13,910 units in Q1 2020. Sales effectively come back to 66 per cent of the pre-pandemic quarter.
- Bengaluru recorded about 5,400 units sold in Q3 2020 against 8,630 units in Q1 2020, regaining 63 per cent of business.
- NCR witnessed sales of 5,200 units in Q3 2020 against 8,150 units in in Q1 2020 – 64 per cent of the Q1 2020 levels.
- Pune saw 4,850 units sold in Q3 2020 as against 7,200 units in Q1 2020 – back at 67 per cent of pre-pandemic levels.
- Hyderabad saw 1,650 units sold in Q3 2020 as compared to 2,680 units in Q1 2020 – sales are back at 62 per cent of Q1 2020 levels.
- Kolkata saw housing sales of 1,620 units in Q3 2020 and 2,440 units in Q1 2020 quarter – recovering to 66 per cent of Q1 2020 levels
- Chennai saw approx. 1,600 units sold in Chennai in in Q3 2020 against 2,190 units in Q1 2020, rebounding to 73 per cent of Q1 2020 levels