Reviewing the overall performance of the Indian residential real estate market in 2021 shows a definite upswing. Between Jan - Sep 2021, 1.63 lakh units of new residential supply were added across the top 7 Indian cities - 27% higher than 2020 full year supply - and 1.45 lakh units were sold - 5% higher than in the whole of 2020.
Category: COVID-19
The average size of independent/builder floor flats outstrips that of apartments, and the average sizes have been increasing over the period. In contrast, apartment sizes were shrinking until 2021 (post the pandemic).
The long-awaited housing market revival is underway even before the pandemic is fully subdued. Whether it will last well into next year and beyond remains to be seen.
Improving consumer confidence and a resilient long-term retail growth story translates into higher shopping spending, which reflects in the mall space scheduled for deployment in 2021. As per ANAROCK research, approx. 4.5 Mn sq. ft. of new supply is planned for 2021.
NCR has maximum stalled stock of approx. 1,13,860 units (approx. value INR 86,463 Cr) or 66% of the total across the top 7 cities. Of the total stalled units in the region, 50% is in the mid-segment, followed by 24% in the affordable segment, 20% in the premium segment and 6% in the luxury category.
The previous desire to live in city centres - closer to workspaces, children’s school, etc. - has reduced markedly with the advent of WFH and e-schooling options in the post-pandemic world.
In Bengaluru, the affordable and mid-segments are driving residential demand. Given the good sales, developers saw it opportune to increase the average prices
Latest ANAROCK data reveals that over 4.22 lakh units are scheduled to be completed by 2021-end across the top 7 cities. Of this, NCR would see the maximum completions with a nearly 28% share, followed by MMR with 26% and Pune with approx. 18%.
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 –
Fractional ownership platforms attract investors interested in not just building future income (in case of commercial or even residential properties) but also in accessing the property (resorts or vacation homes) personally for a specific period