Despite the COVID-19 pandemic, home sales volume jumped by 2.5 times to 33,403 units in the third quarter of 2020 compared to 9,632 in the second quarter of 2020. New residential unit launches increased by 4.5 times to 31,106 units in third quarter, compared to 5,584 units in the previous quarter, a Knight Frank India report has said.
Sales saw an uptick in the third quarter of 2020 over the preceding quarter on account of innovative schemes offered by real estate developers. These included financial benefits, discounts and easy payment options to attract buyers during the period of lockdown. Developers were also able to garner buyer interest through active usage of digital platforms during this period to engage with customers.
Lower home loan interest rate also supported pick-up in residential sales. The acute labour crunch experienced in the earlier part of the lockdown also started to ease out, as workers began to return to main cities seeking employment.
Even while there is a considerable distance from normality, the residential sector has started to show signs of improvement in the third quarter of 2020, the report titled India Real Estate Update (July – September 2020) that analysed the residential and office market performances across eight major cities for the Q3 2020 period, said.
The total residential sales of the top eight markets under review during Q3 2020, reached 54 percent of 2019 quarterly average. Similarly, residential launches in Q3 2020, improved to 56 percent of the 2019 quarterly average. Mumbai, Bengaluru and NCR accounted for 56 percent of the quarterly sales volume during Q3 2020 compared to 62 percent in 2019, primarily due to a fall in Bengaluru’s share in total sales for