Top 7 Indian cities see 113% rise in Q3 housing sales

Top seven Indian cities see 113% rise in housing sales in Q3

Average property prices saw a 3 per cent yearly increase across the top 7 cities - to Rs 5,760 per sq. ft. in Q3 2021 from Rs 5,600 per sq. ft

Representative Image. Credit: iStock Photo

Housing sales surged 113 per cent y-o-y across 7 major cities – from approximately 29,520 units in Q3 2020 to nearly 62,800 units in Q3 2021. 

Mumbai Metropolitan Region or MMR accounted for 33 per cent of the total sales, followed by NCR with a 16 per cent share.

Meanwhile, new launches in the top 7 cities rose by 98 per cent yearly – from approx. 32,530 units in Q3 2020 to approximately 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.

Interestingly, the mid-segment (homes priced INR 40-80 lakh) and premium homes (priced between Rs 80 lakh to Rs 1.5 Crore) continue to dominate new supply with 41 per cent and 25 per cent shares, respectively. The affordable housing segment (units priced Rs 40 lakh) saw its supply share reduce to 24 per cent in the quarter.

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

“IT/ITeS continues to drive the bulk of housing demand in the top 7 cities," says Anuj Puri, Chairman - ANAROCK Group. "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."

"With new launches increasing by 98 per cent and housing sales skyrocketing by 113 per cent, Q3 2021 stands in stark contrast to this period last year," says Puri.

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