A total of 1,10,811 houses were sold during the October-December quarter in seven major cities of the country. This increase in sales is 25 percent year-on-year and 78 percent higher than the September quarter. A total of 88,976 houses were sold in the same quarter of 2019.
PropEquity figures ... sales up 78 percent over September quarter
According to data analytics firm PropEquity, sales in seven major cities Delhi-NCR, Mumbai metropolitan area, Bangalore, Chennai, Kolkata, Pune, and Hyderabad increased in the fourth quarter of 2020 due to the end of the lockdown and rising demand.
Sameer Jasuja, MD and founder of PropEquity, says the housing market has definitely improved. There are signs of improvement from the fourth quarter data. The introduction of the Kovid-19 vaccine has already started in the country, so the field is expected to grow further.
Sales down 16 percent in 2020
According to the data, residential property sales declined by 16 percent to 2,86,951 units during 2020 despite increasing demand in the October-December quarter. During this period, house sales in Delhi-NCR declined by 34 percent to 29,640 units. In Kolkata, it declined 38 percent, Chennai 30 percent, Bangalore 29 percent, Pune 17 percent, and Hyderabad 14 percent. However, Mumbai metropolitan area grew 3 percent to 1,11,256 units.