Housing sales in top 7 cities surge 29% in Q1, breach pre-COVID-19 levels

The housing sector in the top 7 cities staged an impressive comeback post-COVID-19. ANAROCK's Q1 2021 data shows that housing sales in the top 7 cities increased by 29% and new launches by 51% during this quarter against the corresponding period in 2020.

As many as 58,290 homes were sold in the top 7 cities in Q1 2021 in comparison to 45,200 units in Q1 2020 - effectively breaching pre-COVID levels. MMR and Pune together accounted for 53% of housing sales in the quarter – MMR sales increasing by 46% annually, and Pune by 47%. With approx. 8,670 units sold, Bengaluru was the only city in the top 7 to not record a major yearly change in total sales numbers in this quarter.

New launches in the top 7 cities yielded 62,130 units in Q1 2021, against 41,220 units in Q1 2020. Again, Bengaluru was the only city to see an 11% yearly drop in new launches. MMR, Pune, and Hyderabad together contributed 66% of the total new supply in the quarter.

Despite spiralling new launches in this and the previous quarter, unsold inventory in the top 7 cities saw a nominal yearly decline – from 6.44 lakh units towards Q1 2020-end to approx. 6.42 lakh units by Q1 2021-end. However, on a q-o-q basis, the unsold stock rose by 1% due to a robust healthy new launch pipeline in most cities.

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Free Press Journal