Housing sales witness 5 pc year-on-year fall during January-March: PropTiger

Apr 08 2021 04:37 PM
Housing sales witness 5 pc year-on-year fall during January-March: PropTiger

According to the leading real estate brokerage firm PropTiger, Housing sales declined marginally by 5 percent year-on-year during January-March 2021 to 66,176 units across eight big cities as a result of the COVID-19 pandemic, but demand has improved considerably in the last six months,

In its report 'Real Insight – Q1CY21', PropTiger said that builders sold a total of 66,176 homes in the primary market in the January-March quarter of 2021, a decline of 5 percent from 69,555 units in the year-ago period.

 “As the economy gradually marches towards recovery, the residential real estate market in the country is also seeing a positive momentum on the back of various measures taken by the centre and state governments, RBI and the entire banking system,' said Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com.

This positive change is visible in the first quarter through an increase in supply numbers, an indication that developers are more comfortable now with regard to liquidity support and buyer sentiment, he added. He expressed concern over the recent surge in COVID-19 infections but expects the residential market recovery to continue.

On the supply side, a total of 53,037 units were launched across India during the three-month period. This marked an annual growth of 49 percent in the housing supply. A quarter-on-quarter comparison shows new launches declined 2 percent when compared to the last quarter of CY20.

RBI announces Rs1 trillion Govt-security purchase programme

Reserve Bank of India to publish Financial Inclusion Index

Market Closing: Sensex Nifty rise, JSW Steel, Tata Steel lead