- Firm sold 1,016 homes in the corresponding period in 2019 across top 9 cities in India & Dubai
- Despite COVID-19, organic buyer demand boosting sales amidst ongoing festive offers & discounts, govt. incentives (particularly stamp duty cut in Maharashtra) & prevailing low home loan rates
- MMR tops list – ANAROCK sold 573 units in September & October 2020 against 265 units last year (approx. 116% yearly rise), followed by NCR with 333 units sold in these two months against 260 units last year
- In Bengaluru, Firm sold 257 units in this period (76% y-o-y jump); 223 units sold in Chennai – a nearly five-fold yearly jump in Sept.-Oct. months this year
- NRIs capitalize on prevailing low prices in Dubai – ANAROCK sold 17 units in these two months against 3 units in this period last year
Mumbai, 1 December 2020: Despite unusual pressures on the housing market, residential real estate is on a high this festive season. ANAROCK Property Consultants sold 1,805 homes across top 9 Indian cities (NCR, MMR, Chennai,
Santhosh Kumar, Vice Chairman – ANAROCK Property Consultants
- Just 63,000 ready units currently benefit out of total 6.73 lakh units across top 7 cities
- Nearly 22,000 ready unsold units completed before 2017 don’t benefit from new rule
- 33% of 5.88 lakh unsold under-construction units in the luxury segment – 49% in MMR – will not benefit immediately
Just when the real estate industry was preparing to give the budget a complete thumbs down, the finance minister sprung a surprise ‘bonanza’ for the sector in the last 10 minutes of his speech. Or so it seemed.
Without a doubt, affordable housing gained amidst what was essentially a mass-appeal budget. However, it was the extension of tax relaxation on notional rent for unsold inventory for another year that cheered developers.
However, under closer scrutiny, it is unlikely to benefit a majority of them as on date.
Anti-climax for developers
Anuj Puri, Chairman – ANAROCK Property Consultants
- Benefits aside, a cut could have been a major setback to the affordable housing segment
- GST rate cut, clarity on / abolition of ITC – boosted demand vs. actual sales
After much anticipation, the GST Council has failed to deliver a final verdict on GST applicable on real estate – but how much would it really have mattered?
Here’s a Utopian vision – the government would announce a GST rate cut, homebuyers would cheer up since prices would reduce marginally, and the market revives. Really?
The biggest paradox in Indian real estate is that numbers suggest a massive burden of unsold housing stock in the midst of a chronic shortage of housing. As long as prices don’t reduce significantly, the housing shortage will only widen regardless of tax sops.
What we have today is a nation of aspiring homebuyers, many of which are perpetually on the fence, waiting for a slew of minor policy windfalls to cumulatively make a home purchase feasible and attractive.