35% Rise in Housing Sales in Festive Season
The housing sales in the December quarter are expected to rise by 35 percent over the previous quarter boosted by festive demand amid reduced cost of acquisition.
The prevailing low home loan interest rates coupled with limited-period government incentives such as reduced stamp duty and registration charges in certain markets may fuel demand as the homebuyers look to take the most advantage of the festive offers and sops given by the developers.
“Despite spiralling COVID-19 cases in the second quarter of 2020, residential sales rose significantly. This provides sufficient reason to expect a significant increase during the upcoming festive season, which will prompt many fence-sitters to avail the best deals on offer,” said Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants.
Developers have pulled out all the stops to attract buyers, announcing schemes for the festive season – many of which result in an actual reduction in the cost of acquisition.
According to ANAROCK Property Consultants, in MMR, the ongoing October-December period may see anywhere between 33-36 percent rise in sales with buyers looking to make the most of a limited period offer of reduced stamp duty charges, developer discounts and freebies and prevailing low home loan interest rates.
In Hyderabad, a 20-24 percent jump in housing sales during the December quarter is expected against the preceding quarter, when nearly 1,650 units were sold.
In Bangalore, housing sales in the July-Sept period stood at 5,400 units. ANAROCK expects at least a 30-35 percent rise in these numbers in the Oct-Dec period.
While, in NCR, a 27-31 percent jump in sales in the festive season is expected, Pune may see housing sales rise by 34 percent during the quarter.
Chennai may see a 20-25 percent rise in sales while Kolkata is likely to see up to 30 percent jump in housing sales in the festive quarter.