Residential property prices across the top cities increased by 1-4% in Q3 2021 compared to Q3 2020, mainly due to an increase in construction cost. Data reveals that the top 7 cities collectively saw average property prices increase by 3% annually - to INR 5,760 per sq. ft. in Q3 2021 from INR 5,600 per sq. ft. in Q3 2020. Bengaluru saw the highest 4% annual rise to INR 5,150 per sq. ft.
Redevelopment projects in Mumbai may begin picking up pace again. There are no real alternatives - the biggest problem for real estate development in Mumbai is land scarcity. There are very few opportunities for greenfield developments in the more valuable city centre areas.
The housing market in the top 7 cities is likely to attain a new peak by 2023, when housing sales are estimated to cross 3.17 lakh units and new launches by 2.62 lakh units during the year. City-wise, MMR and Bengaluru are all set to lead from the front
Between 2016 and the first half of 2021, corporate and national developers like Godrej Properties Ltd., TATA Housing, Hero Realty, Sobha Ltd., Shapoorji Pallonji Group, Birla Estates and Mahindra Lifespaces took centre-stage.
ASTRA accelerates housing sales and enhances revenue turnover by 12-15%. The system's algorithm analyses customer behaviour data to yield highly accurate leads, thereby boosting marketing efficiency, reducing costs
Of 36,260 units launched in Q2 2021 in the top 7 cities, the premium segment (priced b/w INR 80 lakh to INR 1.5 Cr) had the highest share (approx. 13,130 units); mid-segment (INR 40-80 lakh) had a 32% share (nearly 11,760 units)
Hyderabad, Bengaluru & Chennai together comprised a 72% share of total new premium supply in the second quarter
Covid-19 dents affordable housing supply share – reduced to 20% (approx. 7,230 units) as of Q2 2021
In the pre-COVID-19 period, affordable housing supply share dominated; post-pandemic, share drops dramatically from 40% in 2019 to 30% in 2020 – at 20% in Q2 2021
Developers strategically following trends – buyers of affordable homes most affected economically by COVID-19; high unsold affordable housing stock another concern at 33% of total 6.54 lakh unsold units in top 7 cities by Q2 2021-end
The pandemic has significantly altered previously dominant trends in the Indian residential market. Notably, it has dented the overall new affordable housing supply share across the top 7 cities. Latest ANAROCK research indicates that out of the total new launches of approx.
MMR housing sales exceeded new launches in the last one year. The region saw total housing sales of approx. 58,170 units in the pandemic period between Q2 2020 to Q2 2021, while new launches stood at approx. 41,500 units.
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