Stamp duty cuts were a significant intervention applied by several state governments to spark a sharp recovery in sales volumes. A significant recovery compared to 27,232 launches and 27,453 sales in Q2 2021.
Home sales grew 92% Y-o-Y to 64,010 units across the top markets in Q3 2021, while new launches rose 90% Y-o-Y to 58,967 units.
On a Y-o-Y basis prices fell marginally by 1%, while they were stagnant on a sequential basis.Īcross the top eight cities too, the September quarter witnessed robust sales. Knight Frank pointed out that the weighted average residential prices in the NCR market remained stable during the quarter. The top eight markets in the country had reported record residential sales of 42,827 units in 2019. However, 2021 numbers are most likely to fall short of the robust demand recorded in 2019 calendar year. In 2021 so far, Delhi NCR has recorded sales of 20,575 units compared to 21,234 units in 2020 calendar year, with the April-June quarter being a washout as the country was under a nationwide lockdown due to the pandemic.
Home sales in 2021 is on track to outstrip the demand in the last calendar year. The fact that the percentage of luxury in overall sales is increasing and other segments getting the desired attention proves that the market here is working as per the demand,” he added. “We can say that the market (NCR) has seen positive movement pointing towards healthy growth in future. The pricing dynamics were re-looked and offers such as flexible deferred payments, mega-discounts and free parking or furnishing were floated around by multiple developers from NCR, Knight Frank India chairman Shishir Baijal said. Like most sectors, the real estate industry also looked at defining the alternative channels of operability and re-engineered the sales channels with prospective buyers.
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