While residential sales declined by over 20 percent, QoQ, in Apr-Jun 2021, property prices remained largely stagnant across the top seven cities of India, i.e. Delhi NCR, Mumbai, Pune, Kolkata, Chennai, Bangalore and Hyderabad.
According to a recent report by JLL India, residential sales across the top seven cities of India witnessed a decline of 23 percent, QoQ, in Apr-Jun 2021. However, on an annual basis, sales increased by around 83 percent in the reported period. Around 19,635 units were sold during the April-June 2021 quarter. While 25,583 units were sold in Jan-Mar 2021, nearly 10,753 units were sold in Apr-Jun 2020.
In Chennai, sales reported a decline of 80 percent, QoQ, in Apr-Jun 2021. Around 600 units were sold across the city in the studied quarter against 3,200 in Jan-Mar 2021. Similar to Chennai, Hyderabad and Kolkata also posted a quarterly downfall of 55 percent and 56 percent in the sales volume, respectively. Pune, too, witnessed a six percent decline in housing sales-from 3,745 units in Jan-Mar 2021 to 3,539 units in Apr-Jun 2021.
Contrary to these cities, Bangalore and Mumbai saw an increase in the sales volume. While the residential sales in Bangalore increased from 2,382 units in Jan-Mar 2021 to 3,500 units in Apr-Jun 2021, sales in Mumbai rose marginally from 5,779 units in the previous quarter to 5,821 units during the quarter ending June 2021.