Backed by superior sales in worst Covid-hit cities like Mumbai and Pune, but apart from Hyderabad, the residential real estate market recorded an impressive 29 per cent year-on-year growth in the January-March quarter. While new launches jumped 51 per cent to over 62,000 units during the quarter, as markets like Hyderabad, Pune, Kolkata and Mumbai grew by over 40 per cent, data from property consultant Anarock shows.
According to data, recent measures adopted by the authorities in Maharashtra like stamp duty cuts boosted home sales in the state, while, reductions in home loan rates by most banks to 6.70 per cent and ongoing developer discounts and offers helped the residential sector stage a comeback in early 2021.
“Mumbai Metro Region (MMR) and Pune were the most active in this quarter since the limited-period stamp duty cuts and other sops and discounts substantially reduced acquisition cost,” said Anuj Puri, chairman, Anarock Property Consultants. “MMR’s homebuyers have responded proactively to the bottomed-out property prices in the country’s most expensive real estate market.
This is adequately vouchsafed by the significant rise in property registrations in Mumbai in the first two months of the year.”
Despite spiraling new launches in this and the previous quarter, unsold inventory in the top 7 cities declined marginally – from 644,000 units in the end of March, 2020 to some 642,000 units in March, 2021. On a quarter-on-quarter basis, however, unsold stock rose by one percent due to a significant rise in new launches.
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