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The Indian real estate sector has overcome most of the hindrances it had been encountering after the pandemic. Embracing the new normal in terms of practices and norms has significantly helped the sector cope with the situation. Back in 2020, the sector had faced a virtual standstill. Amidst the lockdowns, it faced plenty of resistance, but it has wriggled itself out of the situation. The government has also come out with several relaxations and schemes to support the industry.
In 2021, the real estate players operated in the market with anxiety and caution. They also embraced certain strategies to limit damages. Although the second wave of the pandemic hit the nation hard, the real estate sector kept moving. This points to better business practices in the real estate sector, along with a stronger market.
Between July and September 2021, the sales in the housing sector witnessed a twofold increment. Across the top seven cities, around 62,800 property units were sold during this time. The supply of residential properties was also impressive during this time. The real estate industry saw the supply of as many as 1.63 lakh units during this time. This was around 27% higher than the overall property supply in 2020. Out of this, 1.45 lakh residential units were sold. This is around 5% higher than the overall sales in 2020.
One of the aspects that triggered a higher demand for residential properties is the system of work from home. As people had to operate from home, they were looking for larger properties. These homes are priced between INR 40 lakhs and INR 80 lakhs. The high-end properties cost anything between INR 80 lakhs and INR 1.5 crore. Altogether, both the buyers and real estate developers have changed their stance to cope with the new normal. As a result, the real estate sector in India seems well-poised to combat the challenges of the pandemic.
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