Connect with us

News

Housing sales set to rise 35 pc this festive quarter

Santhosh Kumar

Previous year trends suggest that housing sales across top cities in festive quarter (Oct.-Dec.) mostly saw an uptick – anywhere between 5-10 pc – over the preceding quarter. This is largely because the festive season is considered most auspicious for property buying in India and developers also roll out various schemes and offers to fuel the fervour.

The years 2016 and 2017 were a marked contrast – festive quarter sales in these years actually reduced against the preceding quarter, mainly because of structural reforms including DeMo, RERA and GST. This year, the top seven cities can cumulatively witness a 35 per cent  jump in housing sales in the ongoing festive quarter (Oct.-Dec.) against the July to September period.

Despite spiralling COVID-19 cases in the second quarter of 2020, residential sales rose significantly. This provides sufficient reason to expect a significant increase during the upcoming festive season, which will prompt many fence-sitters to avail the best deals on offer. Developers have pulled out all the stops to attract buyers, announcing schemes for festive season – many of which result in an actual reduction in the cost of acquisition.house

These offers come with an expiry date – when the housing market regains enough momentum, they will be withdrawn. Most end-users will aim to use this period to their advantage. The prevailing lowest-best home loan interest rates coupled with limited-period government incentives such as reduced stamp duty and registration charges in markets like MMR are added flavours to the festive treat.

Moreover, the Q3 2020 base period saw nearly 29,520 units sold across the top seven cities – much lower than the pre-COVID-19 quarter (Q1 2020) which saw nearly 45,200 homes sold. This effectively results in larger scope for growth. In all, housing sales are all set to rebound to 90% of the pre-COVID-19 levels (Q1 2020).home

  • In MMR, housing sales in Q3 2020 stood at 9,200 units. The ongoing Oct-Dec. period may see anywhere between 33-36 pc rise in sales with buyers looking to make the most of limited period offer of reduced stamp duty charges, developer discounts and freebies and prevailing low home loan interest rates.
  • In Hyderabad, we expect a 20-24 pc jump in housing sales in Q4 2020 against the preceding quarter, when nearly 1,650 units were sold.
  • In Bengaluru, housing sales in Q3 2020 stood at 5,400 units. We expect at least 30-35 pc rise in these numbers in the Oct.-Dec. period.
  • In NCR, we expect a between 27-31 pc jump in sales in the festive season. As many as 5,200 units were sold in Q3 2020.
  • Pune may see housing sales rise by 34 pc in Q4 2020 as against Q3 2020 when sales stood at 4,850 units.
  • Chennai may see a 20-25 pc rise in sales in Q4 2020 as against Q3 2020 when sales stood at 1,600 units
  • Kolkata is likely to see up to 30 pc jump in housing sales in the festive quarter. The previous quarter recorded sales of nearly 1,620 units.

Latest News

Events11 hours ago

Danube Properties’ Dh525 million Opalz sold out on the first day of launch

October 4, 2022: Danube Properties, the UAE-based affordable housing developer, said, its latest project Opalz, a twin-tower residential project with...

Events11 hours ago

Pacific Mall D21’s ‘Dussehra Celebrations’ drops the curtain with high attendance

New Delhi: Pacific Mall D21 organised a two-day Dussehra celebration and Garba Night, attracting massive turnouts. The special arrangement of...

News11 hours ago

Tata Value Homes sells over 100 residential units at New Haven, Bahadurgarh at launch

Delhi/Haryana October 4, 2022: With an aim to address the growing demand for quality homes in Haryana – Bahadurgarh, Tata...

New Launches11 hours ago

Welspun Corp opens steel plant in Anjar

October 3, 2022, Anjar, Gujarat: Welspun Metallics Limited, a subsidiary of Welspun Corp Limited (WCL), the flagship company of the Welspun...

Events1 day ago

Over 1500 cyclists join Hiranandani Thane Cyclothon 2022 to support ‘Rhyme for Earth’ initiative

October 2, Thane: The Hiranandani Group hosted the first Hiranandani Thane Cyclothon today from its thriving Thane township, Hiranandani Estate. Over...

New Launches1 day ago

Ashiana Housing adds over 900 senior living units with Villas and Apartments with the launch of Ashiana Advik in Bhiwadi

New Delhi, October 3, 2022: New Delhi-based real estate developer Ashiana Housing has announced the launch of Ashiana Advik in Sector 39, Bhiwadi....

Trending