Led by the two micro-markets of Mumbai and Pune in Maharashtra, housing sales across the top eight cities of India improved by 67 percent, YoY, in Jan-Jun 2021, states a report by Knight Frank India. Over 99,000 units were sold across these cities during the reported period.
As per a report released by Knight Frank India, the first half of the year 2021 witnessed the sale of total 99,416 residential units across the top eight cities of India, registering an increase of 67 percent, YoY. New launches in the reported period stood at 1,03,238 units. While the unsold inventory levels declined by one percent against the corresponding period of the last year, property prices reduced by 1-2 percent, YoY.
Mumbai and Pune accounted for over 45 percent of the total sales across key markets. Lower stamp duty rates, though for a limited period, helped drive sales in these cities. Fortunately, the second wave of the COVID-19 crisis did not impact the market as severely as the first one. However, the outcome of the pandemic was clearly visible in the mid-range and high-end property segments.
Properties costing than Rs 50 lakh constituted about 40 percent of the sales volume in Jan-Jun 2021, and homes costing over Rs one crore accounted for around 20 percent of the sales in the reported period. Units costing between Rs 50 lakh and Rs one crore constituted about 40 percent of the half-yearly sales.