India's residential real estate market seems to have bottomed out in 2020 and sales momentum that picked up during October-December is likely to continue through the next year to reach pre-COVID level or even surpass it provided there are no further unforeseen negative events, according to top property developers and consultants.

The prevailing low-interest rates on home loans, stagnant housing prices, discounts, attractive payment plans, the stamp duty cut by some States, and increased importance of homeownership amid pandemic are some of the factors that will drive sales during the next year, they added.

According to Anarock data, housing sales in the October-December rose to 50,900 units across seven big cities from 29,520 units in the previous quarter. Nevertheless, the sales fell 47% to 1.38 lakh units in 2020. "The residential real estate segment seems to have bottomed out now. We have every reason to look to 2021 with real hope and optimism- and with renewed confidence in the strong fundamentals that drive the Indian housing story," Anarock Chairman Anuj Puri said.

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