With a boost in housing unit sales, the residential market in NCR cities seems to be recovering following the second Covid wave. Compared to the first half (H1) of 2020, the housing sales in H1 (2021) is up by 20%.
As per the latest consumer survey report by real estate consultant, Anarock, the housing sales figure in H1-2021 stood at 12,300. The report also stated that budget properties, which are priced between Rs 45-90 lakh, are most preferred now as compared to affordable housing.
According to the report, the affordable properties took a back seat as their share in sales reduced from 36% to 27% — a decline of 9 percentage points — after the second wave. Also, the share of budget properties (Rs 45L to 90L) remained at 35%.
Prashant Thakur, head of research at Anarock, said in the top seven cities, maximum affordable housing demand came in from Pune, followed by Delhi-NCR and Kolkata. Further, around 25% of property seekers preferred to buy homes in the Rs 90 lakh-Rs 1.5 crore range. He said demand for luxury properties (> Rs 1.5 crore) also increased — from 11% in the last survey during the first Covid to 13% in the latest survey after the second wave.
Nayan Raheja of Raheja Developers said despite the second wave being more damaging than the first wave, the need to look for bigger homes within lower density communities rose. “The real estate sector has been witness to this as sales took off from June 2021. Affordable and mid-segment housing benefitted as it met the need of having a first home instead of rented accommodation, and the luxury homes gained due to the larger open areas that it offers,” he said.
Amarjit Bakshi, CMD of Central Park, said the sales started picking up, especially after June 2021, which eventually covered the low turnout in the initial months. “The luxury segment has gained in the current scenario, particularly in Gurugram where the demand exceeded the supply,” he said, adding that the survey, which shows the share percentage of luxury housing sales has been increasing over the last few years, although only for the developers who have delivered timely.
CEO of Rise Infraventures Sachin Gawri estimates that the market will reach sales figures of pre-2020 numbers in the coming months. “In almost every segment, the demand has exceeded the supply, which is a good sign for the developers as quality projects will immediately get absorbed,” he added.
Source : TOI