Mumbai Metropolitan Region Tops Home Sales in 3rd Qtr.

Mumbai Metropolitan Region Tops Home Sales in 3rd Qtr.
01/10/2020 , by , in News/Views

Despite the lockdown, there is a glimmer of hope for the country’s residential market. Anarock Property Consultants, which released its report, said the top seven cities witnessed housing sales of 29,520 apartments in Q3 2020 (July-September) as against 45,200 units in the pre-Covid quarter of Q1 2020 (January-March).

Mumbai Metropolitan Region (MMR) recorded the highest sales of 9,200 apartments followed by Bengaluru with 5,400 units, NCR with 5,200 units and Pune with 4,850 units.

Sales were significantly higher than the preceding quarter, when the coronavirus pandemic had brought sales down to just 12,730 units in the seven cities, it said. MMR, Bengaluru, NCR and Pune together accounted for 84% sales in the July-September quarter.

In terms of new launches, the top seven cities witnessed supply of approximately 32,530 units in Q3 2020 as against 41,220 units in Q1 2020 – reaching over 79% of the pre-Covid quarter levels. Cities like Hyderabad, Kolkata and NCR saw new supply increase during the quarter as against the first quarter of 2020. Most new launches in the quarter happened virtually.

Interestingly, Hyderabad, Kolkata and NCR saw their new supply increase by 45%, 24% and 10% during the period. The affordable and mid segments (priced up to Rs 80 lakh) comprised over 72% share (approximately 23,290 units) of the total new supply between July-September.

Unsold inventory in the top cities shrunk by about 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 Q12020 and Q3 2020. “Residential market activity is also being supported by renewed interest from NRIs in Q3 2020.

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