As many as 58,290 homes were sold in the top 7 cities in Q1 2021 in comparison to 45,200 units in Q1 2020 – effectively breaching pre-COVID levels. MMR and Pune together accounted for 53% of housing sales in the quarter…
2020 has been an unprecedented year due to COVID-19, causing all-round upheaval. However, the residential segment was quick to pick up momentum in the last two quarters of 2020 on the back of growing homeownership sentiment – catalysed by the exigencies of the pandemic. This pent-up demand was further accelerated by the ongoing discounts and offers, the prevailing lowest-best home loan interest rates, and limited-period stamp duty cuts in states such as Maharashtra
With Modi 2.0, India can expect the steady momentum that the real estate sector has been regaining in recent times to not only maintain its pace but pick up speed. Some of this government’s initiatives will now doubtlessly sail through to the final stage of their journey.
The restricted new launch pipeline and developers’ increasing focus on project completions will surely cause unsold inventory to reduce over time, and demand will soon begin to rise. However, this will not happen in time for Gudi Padwa to save the day.