The residential real estate market was building on its momentum with sales witnessing a surge until the second wave of the pandemic hit India. As compared to Jan-March 2021, residential sales in April-June 2021 fell by 23% at 19,635 units in top seven cities with only Bangalore and Mumbai witnessing a growth of 47% and 1% respectively, according to JLL’s Residential Market Update – Q2 2021.
The sales dropped by 61% in April-June 2021 as compared to April-June 2020. In both these quarters, the nation was faced with lockdowns.
Sale of more than 45,000 residential units was recorded in H1 2021 as against 38,204 units in H1 2020, an increase of 18% Y-o-Y.
“The sustained levels of residential sales present clear signs of demand and buyer confidence coming back to the market,” the report said.
New launches dropped by 20% quarter on quarter at 27,057 units.
“Several developers deferred new launches and focused on the completion of under-construction projects and clearing their existing inventory,” the report stated.
“On average, new launches of more than 35,000 units were witnessed every quarter between Q1 2019 and Q1 2020. In the COVID-era (Q2 2020 – Q2 2021), this has decreased to ~23,000 units,” the report added.
The first half of 2021 witnessed new launches of 61,010 residential units, a jump of 10% over H1 2020. The report stated that unsold inventory increased marginally.