Q3 2020 saw home sales values increase by more than 2.3 times to approx. INR 29,731 crore - up from INR 12,694 crore in the preceding quarter
Author: Anuj Puri
Anuj Puri is Chairman, ANAROCK Property Consultants. He has over 30 years of experience in multi-disciplinary advisory and transactions ranging from real estate to social development projects. Expertise in planning, undertaking demand assessment studies and transaction services including marketing strategies based on technical real estate market analysis, feasibility studies, program requirement derivation and fund and investor sourcing.
Hyderabad, Kolkata and NCR saw their new supply increase by 45%, 24% and 10% respectively during the period. The affordable and mid segments (priced up to INR 80 Lakh) comprised over 72% share (approx. 23,290 units) of the total new supply between July-Sept.
In the post-COVID-19 era, affordability of mid-income homes, calculated on the ratio of home loan payment to income, will touch its lowest-best at 27% in FY21. It was 53% in FY12 and has been falling y-o-y ever since.
A recurring theme of this pandemic has been seniors living alone, struggling for basics, managing without house help and anxious about existing and potential medical issues. The need for homes in a setting where these factors are taken care of is now undeniable.
As we usher in our 74th year of independence, there is still a long way to go. And yet, despite the various upheavals to date, the foundation upon which to build a stronger and more inclusive industry has never been stronger.
After three years since its implementation, RERA is becoming the force it was envisioned to be - especially in disposing of consumer complaints across different states and UTs. As many as 48,556 cases were disposed of by the respective state authorities as of July 2020
Absence of affordable rental housing in major cities led to mass exodus of migrants that had zero income during the lockdown
Housing sales and new launches have plunged to a new low across India’s top 7 cities in Q2 2020. Latest ANAROCK research reveals that residential sales in the quarter plummeted by 81% on a yearly basis in these cities – from 68,600 units in Q2 2019 to just 12,720 units in Q2 2020.
~ 4.66 Lakh Homes Scheduled for 2020 Delivery May Miss Deadline
If not for COVID-19, the top 7 cities were to see the delivery of nearly 4.66 lakh units by 2020-end. Launched after 2013, many of the projects were in the final leg of completion
It’s all very well to exhort developers to cut their prices to push sales, but this is still a very incomplete narrative presenting only half of the story.