Top 7 cities see 113% rise in home sales in Q3 of 2021

The realty sector, which is hit hard by the coronavirus pandemic induced lockdown and economic slowdown, is showing revival signs.

According to real estate consultant Anarock, in Q3 2021, housing sales surged 113% year on year across the top seven cities – from about 29,520 units in Q3 2020 to nearly 62,800 units in Q3 2021. Mumbai Metropolitan Region (MMR) accounted for 33% of the total sales, followed by National Capital Region (NCR) with a 16% share. Top seven cities include

MMR, Pune, Hyderabad, NCR, Bengaluru, Chennai and Kolkata.

"With new launches increasing by 98% and housing sales skyrocketing by 113%, Q3 2021 stands in stark contrast to this period last year," says Anarock Group Chairman Anuj Puri. "MMR and NCR together accounted for nearly 50% of the overall housing sales in the quarter. “IT/ITeS continues to drive the bulk of housing demand in the top 7 cities,” he adds.

The ongoing work from home 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.

Similarly, new launches in the top seven cities rose by 98% yearly – from about 32,530 units in Q3 2020 to approx. 64,560 units in Q3 2021. MMR continued to see the highest number of new launches (of about 16,510 units) in the quarter.

Interestingly, the mid-segment (homes priced Rs 40-80 lakh) and premium homes (priced b/w Rs 80 lakh to Rs 1.5 crore) continue to dominate new supply with 41% and 25% shares, respectively.

The affordable housing segment (units priced

Average property prices saw a 3% 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 approx. 4% annual rise – from Rs 4,975 per sq ft in Q3 2020 to about Rs 5,150 per sq ft in Q3 2021.