New Delhi: Housing sales are estimated to have fallen 61 percent year-on-year during July-September to 14,415 units across seven major cities on lower demand because of the Covid-19 pandemic, according to property consultant JLL India.
In October last year, JLL India had reported that housing sales during July-September 2019 stood at 36,826 units across these seven cities — Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata.
During July-September this year, housing sales stood at 1,742 units in Bengaluru, 1,570 units in Chennai, 3,112 units in Delhi-NCR, 2,122 units in Hyderabad, 390 units in 20Kolkata, 4,135 units in Mumbai and 1,344 units in Pune, JLL said in a statement. It did not provide a city-wise sales number for the year-ago quarter.
However, on a sequential basis, housing sales rose 34 percent to 14,415 units during the July-September period of this year as compared to 10,753 units in the April-June quarter. During April-June, sales were affected badly due to the nationwide lockdown imposed to curb the coronavirus pandemic.
“We are feeling cautiously optimistic about the residential market, driven by sales volumes in Mumbai and Delhi. A combination of favourable factors such as low mortgage rates, attractive prices combined with developers’ lucrative payment plans together reinforce the longer-term potential of the sector,” JLL India CEO and Country Head Ramesh Nair said in a statement.
For end-users, the next 12 months are ideal to buy a house, he added. “In the subsequent quarters, the translation of demand into sales will primarily hinge on enhanced consumer confidence, which in turn depends upon the continued implementation of progressive government policies amidst the gradual revival of the Indian economy at large,” Nair said.
Samantak Das, Chief Economist and Head of Research & REIS, India, JLL, said further easing of lockdown restrictions and the upcoming festive season might help in bringing buyers back to the market.