During January-March 2021, the sales of homes in eight major cities fell by 5 per cent on an annual basis to 66,176 units. According to real estate brokerage company PropTiger, the reason for this is the COVID-19 epidemic, but the demand has improved substantially in the last six months. PropTiger’s data differs from previously released reports by Enrock and Knight Frank, which reported 29 per cent and 44 per cent growth in sales in the big cities during the January-March period of this year, respectively.
Economy moving towards recovery: report
In its report ‘Real Insight Q1CY21’, PropTiger stated that builders sold a total of 66,176 homes in the primary market in the January-March quarter of 2021, a 5 per cent decline from 69,555 units in the year-ago period. The Center imposed a nationwide lockdown in March last year to prevent the spread of COVID-19. Dhruv Aggarwal, Group CEO of PropTiger.com, Makan.com and PropTiger.com said that as the economy is slowly moving towards recovery, the residential real estate market in the country is raised by the central and state governments, RBI and the entire banking system There is a positive attitude due to the different steps taken.
He further said that through the increase in supply figures in the first quarter, positive changes have been shown. This is an indication that developers are now more comfortable with liquidity support and buyer sentiment. Aggarwal said that the metric has remained largely stable on demand.
Sales up 14% in Delhi-NCR
The job market is reopening in different industries, giving people the confidence to take advantage of the property market, which is the most affordable for home buyers in years. He expressed concern about the recent increase in COVID-19 infections, but he hopes the housing market recovery will continue.
According to the data, the sale of houses in Ahmedabad increased by 4 per cent to 4,687 units in January-March 2021 from 4,511 units in the same period last year. In the Delhi-NCR market, sales grew by 14 per cent to 6,188 units from 5411 units.