Despite the spiralling COVID-19 pressures across the country, the Indian housing sector made a decisive comeback in Q3 2020 with sales and new launches rebounding to 65% and 79% of the pre-COVID-19 levels (Q1 2020) respectively. This has been revealed in a new study unveiled by ANAROCK Property Consultants.
According to the report, the top 7 cities witnessed housing sales of approx. 29,520 units in Q3 2020 as against 45,200 units in the pre-COVID-19 quarter of Q1 2020. Sales were significantly higher than the preceding quarter, when the coronavirus pandemic had brought sales down to just 12,730 units.
Anuj Puri, Chairman – ANAROCK Property Consultants says, “MMR, Bengaluru, NCR and Pune altogether accounted for 84% sales in the July-Sept quarter. MMR saw maximum sales of 9,200 units, followed by Bengaluru with 5,400 units, NCR with 5,200 units and Pune with 4,850 units.”
The affordable and mid segments (priced up to INR 80 Lakh) comprised over 72% share (approx. 23,290 units) of the total new supply between July-Sept.Unsold inventory in the top cities shrunk by approx. 3% on a yearly basis – from 6.56 lakh units back in Q3 2019 to 6.36 lakh units in Q3 2020. It reduced by 1% between Q1 2020 and Q3 2020.