After grappling with the Covid-19 blows for over a year, the Indian realty market is finally showing signs of recovery across both residential and commercial property segments. During the July-September quarter, real estate activity has gained significant momentum.
This can be majorly attributed to the aggressive vaccination drives that had led the country to return to normal economic state. Furthermore, realty developers have been offering record-low home loan interest rates and sops that pushed the market forward. In the preceding quarter, the property market was rather lull due to Covid-19 restrictions imposed by various state governments.
As per the data by JLL India, a global real estate services firm based in Gurgaon, top seven Indian property markets witnessed over 124 per cent on-year jump in housing sales at more than 32,300 apartments. On the other hand, Knight Frank data recorded around 92 per cent rise in housing sales across eight cities at over 64,000 housing units.
Shishir Baijal, CMD, Knight Frank India opined that the relatively low residential prices, attractive interest rates and higher household savings rate should bolster the housing demand in the coming time. “With the upcoming festive season, the market is gearing up for new project launches and consumers are likely to reciprocate,” he added. Backed by economic recovery and vaccination drives, the employment scenarios are also improving especially across sectors like IT and healthcare. This is also one of the reasons behind the increasing housing demand this quarter.
Tapping into the surging demand, Siva Krishnan, head – residential, India, JLL said that property developers too have started launching optimal sized apartments.
In the last five quarters, Mumbai has been the biggest contributors to property sales. In the September quarter, it was Mumbai and Delhi that accounted for more than one-fifth of total sales with Pune and Bengaluru closely following on their heels. The office transactions too have recorded strong quarterly growth. Analysts have noted that the total office transactions of the eight Indian markets during the September quarter have improved so much so that it has reached 83 per cent of the 2019 quarterly average level.
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