<p>The third wave of the Covid-19 pandemic has hit India's real estate industry, as sales of houses have been severely dented.</p>.<p>With worries over cases and restrictions on mobility causing delays in site visits and decision making by buyers, developers expect the buying momentum to regain normalcy only by February-end or in March, according to a <a href="http://www.livemint.com/companies/third-wave-puts-a-pause-on-home-buying-spell-in-india-11642445743729.html" target="_blank">report</a> by <em>Mint</em>.</p>.<p>The March quarter is considered a strong period for residential sales, helping developers meet their annual guidances, the report said.</p>.<p>“Despite the fact that the impact of the third wave has been mild so far, there would be some setback for a while. But it will be short-term and we expect overall demand will come back by late February. Real estate or home-buying is sentiment-driven so there will be some delay in the buying process," Niranjan Hiranandani, vice-chairman-national, Naredco, and MD, Hiranandani Group told the publication.</p>.<p>Housing sales increased to 2,32,903 units in 2021, from 1,54,534 units in 2020, but demand was down 5 per cent from the 2019 pre-pandemic levels and 37 per cent lower than the 2011 peak numbers, Knight Frank India reported.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/housing-sales-rise-51-in-top-8-cities-in-2021-office-leasing-lagging-down-3-1068145.html" target="_blank">Housing sales rise 51% in top 8 cities in 2021</a></strong></p>.<p>CMD Shishir Baijal said the housing sales momentum should continue in 2022 unless there is some serious impact of the Omicron variant in the coming few weeks and months.</p>.<p>Boman Irani, president-elect, Credai National, told the publication that the immediate impact of the Covid outbreak has been a drop in walk-ins and site visits, as people are not stepping out due to fear.</p>.<p>“January will be slow and there will be an impact on buying decisions, but it is expected that by March, this will subside and we would close the quarter with a hurrah. Sales are happening but customers are not stepping out," Irani added.</p>.<p>Analysts say the impact of the third wave has been less harsh than before when infections rose sharply and with increased severity, the report said.</p>.<p>“The January-March period is a very good time for sales, but there is obvious hesitation this time. For the last 15 days, there has been a 40-50 per cent fall in transactions because decision taking time has extended. However, virtual meetings have increased by 30-35 per cent. Real estate is a high involvement process and the situation is still unpredictable. But we are expecting things to pick up," said Vikas Chaturvedi, CEO, Xanadu Realty.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
<p>The third wave of the Covid-19 pandemic has hit India's real estate industry, as sales of houses have been severely dented.</p>.<p>With worries over cases and restrictions on mobility causing delays in site visits and decision making by buyers, developers expect the buying momentum to regain normalcy only by February-end or in March, according to a <a href="http://www.livemint.com/companies/third-wave-puts-a-pause-on-home-buying-spell-in-india-11642445743729.html" target="_blank">report</a> by <em>Mint</em>.</p>.<p>The March quarter is considered a strong period for residential sales, helping developers meet their annual guidances, the report said.</p>.<p>“Despite the fact that the impact of the third wave has been mild so far, there would be some setback for a while. But it will be short-term and we expect overall demand will come back by late February. Real estate or home-buying is sentiment-driven so there will be some delay in the buying process," Niranjan Hiranandani, vice-chairman-national, Naredco, and MD, Hiranandani Group told the publication.</p>.<p>Housing sales increased to 2,32,903 units in 2021, from 1,54,534 units in 2020, but demand was down 5 per cent from the 2019 pre-pandemic levels and 37 per cent lower than the 2011 peak numbers, Knight Frank India reported.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/housing-sales-rise-51-in-top-8-cities-in-2021-office-leasing-lagging-down-3-1068145.html" target="_blank">Housing sales rise 51% in top 8 cities in 2021</a></strong></p>.<p>CMD Shishir Baijal said the housing sales momentum should continue in 2022 unless there is some serious impact of the Omicron variant in the coming few weeks and months.</p>.<p>Boman Irani, president-elect, Credai National, told the publication that the immediate impact of the Covid outbreak has been a drop in walk-ins and site visits, as people are not stepping out due to fear.</p>.<p>“January will be slow and there will be an impact on buying decisions, but it is expected that by March, this will subside and we would close the quarter with a hurrah. Sales are happening but customers are not stepping out," Irani added.</p>.<p>Analysts say the impact of the third wave has been less harsh than before when infections rose sharply and with increased severity, the report said.</p>.<p>“The January-March period is a very good time for sales, but there is obvious hesitation this time. For the last 15 days, there has been a 40-50 per cent fall in transactions because decision taking time has extended. However, virtual meetings have increased by 30-35 per cent. Real estate is a high involvement process and the situation is still unpredictable. But we are expecting things to pick up," said Vikas Chaturvedi, CEO, Xanadu Realty.</p>.<p><strong>Watch latest videos by DH here:</strong></p>
