The unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing, and innovative business practices have served to soften the overall impact of COVID-19 on the Indian residential sector. In fact, 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, said ANAROCK in its report.
City-wise, MMR and Bengaluru are all set to lead from the front with maximum housing sales and new launches in 2023. Of the total estimated housing sales and new launches in 2023:
MMR is likely to comprise a 28% share of total sales and nearly 30% of new launches
Bengaluru is estimated to have a 20% share of homes sold and a 17% share of units launched
NCR may comprise an 18% share of sales and 15% of new launches
Pune will retain its strength among the most active markets and may corner a 15% sales share and 18% new launches share
Kolkata, Chennai and Hyderabad may each account for approx. 6% of sales and 8% of new launches
2021 is expected to fare better than 2020, but it is unlikely to reach the levels of 2019 - the most recent peak year.
2019 attained a new peak since 2017 with more than 2.6 lakh units sold in the top 7 cities & 2.37 lakh new units launched; new peak likely by 2023 as housing sales could cross the 3.17 lakh units mark
2021 may fare better than 2020, but unlikely to reach the latest peak levels of 2019
MMR & Bengaluru to drive top 7 cities' residential activity in 2023
In 2021, housing sales in the top 7 cities are expected to rise by 30% against 2020, new launches may rise by 35%
Sales-to-supply ratio increased to 1.25 b/w 2017-2019 from 0.75 in 2014-2016; estimated to be nearly 1.21 in 2023
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