Home sales in the seven largest real estate markets are expected to see a cumulative 35% increase in the current quarter from October to December, led by developer incentives and offers, as well as standard home loan rates, ANAROCK Property Consultants reports.
Despite the spiral of Covid-19 cases in the second quarter of 2020, residential sales rose dramatically and this provides ample reason to expect a sharp increase over the upcoming festive season, which should benefit many fence guards. The best deals offered.
These offers come with an expiration date: when the housing market regains sufficient momentum, they will be withdrawn. Most of the end-users will try to use this period to their advantage. He added that lower and better prevailing interest rates on home loans along with limited-term government incentives, such as lowering stamp duties and registration fees in markets such as the Mumbai Metropolitan Region (MMR), add flavor to the festive gift. Santhosh Kumar, Vice President of ANAROCK Real Estate Consultants.
The developers did their best to attract buyers and announced plans for the festive season, many of which lead to a real drop in the cost of ownership.
Moreover, in the base period of the third quarter of 2020, nearly 29,520 units were sold in 7 major cities, which is significantly lower than the previous quarter for COVID-19 (Q1 of 2020), in which nearly 29,520 units of 45,200 home sales. This effectively leads to a greater margin for growth. Overall, home sales are set to recover to 90% from pre-COVID-19 levels (Q1 2020).
At MMR, home sales in the third quarter of 2020 were 9,200 units. Current October and December. The period could see a 33% to 36% increase in sales as buyers look to take full advantage of limited-period offers of discounted stamp duties, developer discounts, freebies, and lower interest rates on home loans.
In Hyderabad, he expected a 20-24% increase in home sales in the fourth quarter of 2020 compared to the previous quarter, when nearly 1,650 units were sold. In Bangalore, home sales in the third quarter of 2020 were 5,400 units, and an increase of at least 30-35% is expected in these numbers in the December quarter.
In the National Capital Region, ANAROCK expects a 27% -31% increase in sales in the festive season. Up to 5,200 units were sold in the third quarter of 2020. Pune could see a 34% increase in home sales in the fourth quarter of 2020 compared to the third quarter of 2020 when sales were 4,850 units. Chennai could see a 20-25% increase in sales in the fourth quarter of 2020 compared to the third quarter of 2020 when sales reached 1,600 units.