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.
As on 2019-end, 1,322 projects comprising ~5.76 lakh units (launched in 2013 or before) were stuck in various stages of (non) completion in top 7 cities; by 2020-end, this reduced to 1,132 projects comprising ~5.02 lakh units
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.
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.
There's a massive burden of unsold homes on the market across Indian cities, but affordable housing sales have picked up after 4 years of slowdown.