The residential realty market in India has apparently bottomed out for 2020 although the sales momentum seen between October and December may continue all throughout 2021, ultimately touching pre-COVID-19 levels or even cross the same, provided no other unforeseen scenarios are witnessed, as per industry experts and top developers. Lower rates of interest on housing loans, stagnant prices of homes and attractive payment plans along with stamp duty cuts in a few States are factors that will drive sales in 2021 according to them along with highlighting the higher importance of owning a home amidst the pandemic.
Sales figures increased to 50,900 units in the 7 major cities between October and December as compared to 29,520 units in the earlier quarter. Sales came down by 47% to stand at 1.38 lakh units last year in comparison to 2.61 lakh units in the last year. Experts feel that the realty market may witness improvements in sales figures for the segment priced between Rs. 45 lakh and Rs. 1 crore and budgets lower than Rs. 45 lakh as well. The Co-Founder and COO at Square Yards, Kanika Gupta Shori, stated that the real estate sector anticipates healthier demand in the year 2021 with people expected to keep perceiving real estate as the safest possible option.
Leading developers also opined that demand will emphasize on the fact that 2021 will be the year for Indian real estate. The realty industry has already managed to get back on track with the lifting of the nationwide lockdown and the momentum should further increase this year. The indication given for a continuation of the accommodative stance by RBI and the assurance by the Government of not phasing out its stimulus packages will work greatly to boost real estate momentum. Experts also feel that integrated townships will witness rising demand owing to concerns relating to safety as well.
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