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There is no surprise that the number of home sales has grown by 23% in the major cities in India, including Mumbai, Bangalore, Hyderabad, and Delhi, in the first five months of 2021. According to the real estate data and analytical experts, the number of home sales was 1,08,199 units in the first five months of 2020. But this amount has massively increased to 1,32,818 units in the first five months of 2021. Moreover, the report also showed that most of the sales took place until 15th April.
Home sales in the cities like Pune, Mumbai, Bangalore and Hyderabad increased in the first three months of 2021. On the other hand, some other cities in India witnessed the decreased home sale rates during the same period. As an example, cities like Kolkata and Delhi NCR have experienced lower growth rate of 11% and 20% respectively in home sales during the same time.
Delhi-NCR witnessed a low growth, as the city was the most severely affected region during the 2nd wave of COVID-19. The strict lockdown of Delhi impacted housing sales predominantly and decreased it significantly on average in the first five months of 2021.
The COVID-19 waves inflicted massive damage and almost stopped all real estate-related activities in the city. Luckily, the contamination rate of COVID-19 disease is decreasing consistently. As a result, the major cities have relaxed their pandemic-related restrictions. Therefore, real estate business personnel expect further improvement in home sales. It is presently predicted that housing sale rates are about to bounce back shortly. This would be good news to the key players in the industry. After a stagnant phase, the real estate industry is likely to recover to health.
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