ANAROCK
In Q3 2021, housing sales surged 113% y-o-y across the top 7 cities – from approx. 29,520 units in Q3 2020 to nearly 62,800 units in Q3 2021. MMR accounted for 33% of the total sales, followed by NCR with a 16% share. New launches in the top 7 cities rose by 98% yearly – from approx. 32,530 units in Q3 2020 to approx. 64,560 units in Q3 2021. While MMR continued to see the highest number of new launches (of approx. 16,510 units) in the quarter, Hyderabad was close behind with a new supply infusion of approx. 14,690 units.

The mid-segment (homes priced INR 40-80 lakh) and premium homes (priced b/w INR 80 lakh to INR 1.5 Cr) continue to dominate new supply with 41% and 25% shares, respectively. The affordable housing segment (units priced INR 40 lakh) saw its supply share reduce to 24% in the quarter.

Average property prices saw a 3% yearly increase across the top 7 cities - to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru leads with an approx. 4% annual rise – from INR 4,975 per sq. ft. in Q3 2020 to approx. INR 5,150 per sq. ft. in Q3 2021.

Anuj Puri, Chairman - ANAROCK Group, said, "IT/ITeS continues to drive the bulk of housing demand in the top 7 cities. In Q3 2021, significantly improved job security and robust hiring in the IT/ITeS and financial sectors piggybacked on record-low home loan rates and growing homeownership sentiment. The ongoing WFH culture continues to influence residential sentiment on two major fronts - overall housing demand and unit sizes. The fast-paced vaccination drive is an added sentiment booster, especially in terms of increased site visits."

He added, "With new launches increasing by 98% and housing sales skyrocketing by 113%, Q3 2021 stands in stark contrast to this period last year. MMR and NCR together accounted for nearly 50% of the overall housing sales in the quarter."

In previous periods of unprecedented demand, housing prices invariably rose steeply. In the current pandemic period, they have remained more or less stable, and developers were actively sweetening the deal with added offers and discounts in this period, effectively keeping a lid on the overall cost of property acquisition. MMR distinguished itself with an impressive 8% y-o-y reduction in its unsold stock. Unsold inventory in the region stood at 1.92 lakh units as of Q3 2021 end. NCR saw a 3% yearly decline.
The Maharashtra Housing & Area Development Authority (MHADA) has entered into a memorandum of understanding with realty developer

Read more ...

Realty developer Smartworld has decided to invest ₹1,200 crore in developing two residential projects in Gurugram. CEO at Smartworld

Read more ...

Tata Value Homes, a wholly-owned subsidiary of Tata Housing, has planned to invest ₹600 crore to develop the second phase of its Eureka

Read more ...

ASK Property Investment Advisors (ASK PIA) has invested ₹215 crore in Mahagun Group's upcoming mid-income housing project

Read more ...

Embassy Group has planned to invest ₹600 crore to develop 5.5 lakh sq ft of office space in Bengaluru, Karnataka where on its completion

Read more ...

Real estate developer Saya Homes has acquired a stalled project near Noida expressway by taking over IIFL‘s ₹350 crore debt. The commercial project

Read more ...

Uttar Pradesh Government has planned to build state-of-the-art New Ayodhya Townships involving ₹20,000 investment. Currently, work is going on

Read more ...

Real estate developer Experion Developers will invest $300 million in the country‘s co-living and student housing market as demand for such

Read more ...

Urbanrise realty has launched its newest real estate luxury project ‘Happening Heights’ at Bachupally extension near Bachupally area

Read more ...

Maharashtra Housing and Area Development Authority (MHADA) has floated tender seeking a developer for the redevelopment of Motilal Nagar

Read more ...

Lodha Group has launched its new project named Premier in Dombivli which offers affordable bigger homes along with top-class amenities and large

Read more ...

Smart World Developers, which has been set up by M3M group promoters, will invest around ₹3,000 crore to develop its first two residential projects in

Read more ...

Mahindra Lifespace Developers has entered into a joint development agreement (JDA) for a 5-acre residential project in Mumbai Metropolitan Region

Read more ...

Exactly matching to the emerging home market environs, Piramal Realty, the real estate arm of Piramal Group has introduced S-Class Homes in its

Read more ...

Elan Group has awarded a construction contract worth ₹62.15 crores to BL Kashyap and Sons Ltd. for the Elan Paradise project. Located in the heart

Read more ...

The Bangalore Development Authority (BDA) is preparing a blueprint to develop a new residential project on the outskirts of the city and the authority

Read more ...

Maasters Infra Group has decided to invest ₹250 crore in developing one million sq ft of commercial and retail space in Sector 62 - Noida. The project

Read more ...

To expand its operational ambit in the Mumbai and Pune regions, MD and CEO Abhishek Lodha informed that Macrotech Developers has formed five joint

Read more ...

To expand beyond the usual IT zone of Hyderabad city, Sahiti Group has planned to set up two major mixed township deluxe projects in Kompally

Read more ...

SOBHA has launched its second project in Gujarat International Finance Tec-City (GIFT City)– SOBHA Avalon, creating a magnificent living space that offers

Read more ...

×
Sign-up for Free Subscription
'India Construction Week'
Weekly e-Newsletter on Construction Industry
Get the latest news, product launches, projects announced / awarded, government policies, investments, and expert views.