Sales Target Of Real Estate Sector Have Been Reached To 65% Pre Covid Level

Due to high focus on discounts, exchange schemes and creative advertisements the sales in Real Estate sector has been reached to 65% according to report by property consultant Anarock.

The report also stated that 29,520 units were sold in Q3 2020, which is 65% of the Q1 2020. Near about 84% of sales has been accounted together in this quarter majorly at NCR, MMR, Bengaluru, and Pune

New project launches has also been recorded in the top 7 cities witnessed 32,530 new launches against 41,220 in Q1 2020, reaching nearly 79% of the pre-COVID-19 quarter.

Anuj Puri, Chairman, ANAROCK Property Consultants said “Reduced stamp duty charges (in Maharashtra) topped with developers’ discounts and freebies are now a major attraction for several prospective home buyers in the prevailing scenario. This gives a somewhat positive indicator for the upcoming festive season quarter (Oct-Dec) where we anticipate housing sales to recover and reach almost the pre-COVID-19 levels”. New supply increases by 45%, 24% and 10% respectively in Hyderabad, Kolkata and NCR. Builders also quoted affordable and mid segments (priced up to INR 80 Lakh) comprised over 72% share (approx. 23,290 units) of the total new supply in the July-Sept period. The famous property dealers M3M said that it has delivered eight real estate projects in three months having sales value of Rs 3200 crore, and 90% of these projects are already sold out. Mr. Pankaj Bansal, Director, M3M Group said “The four residential projects located in sector 68, Gurugram are amongst our key offerings that have been conceptualized with the vision of a plush lifestyle. With the announcement of these four residential condos, we have added 1000 apartments to our ‘ready-to-move-in’ inventory,”

The report of Anarock also revealed that around 3% of unsold inventory was shrunk from the top cities. On 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 the third quarter. The jump has been massive for both new launches and sales as April-June was more of an outlier quarter with majority activity being grounded.

 

Mr. Amarjit Bakshi, CMD, Central Park said. The residential sector has been witnessing positive market sentiments since the unlocking phase. There might be a change in the consumer behavior pattern that has come along with the ambiguity created by the pandemic but the sector has been successful in regaining the investors and end consumers’ confidence,”

Mr. Bakshi added to this that the sector has also witnessed renewed interest from NRIs in Q3 2020 which outlines the strong prospects of the market. With the festive season ahead and improved market sentiments, we expect the housing segment to emerge strongly in the coming months.”

There was around 9,200 units were sold in MMR as against 13,910 units in Q1 2020, which is 66% of the pre-pandemic quarter. Sales in Bengaluru and NCR recorded 5,400 units and 5,200 units respectively in Q3 2020 – rebounding by 63% and 64% of the pre-Covid levels. If we analyze the current market conditions we will realize that now it’s the recovery time going on and also Diwali is very near, so if customer will get attractive schemes and discounts then definitely sale in Real Estate sector will boost at great heights. This industry is the major industry and many more industries are directly and indirectly dependent on it and if this industry will grow many more will have good impact and economy will reveal on very positive aspects