Overcoming the pandemic woes: Residential realty segment in metropolitan cities reaches pre-covid levels

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As per Magicbricks’ Propindex Report Q1, a slew of factors like reduction in home loan interest rates, stamp duty and discounts have boosted the sentiments of buyers across metropolitan cities like Hyderabad and Mumbai.

In Q1 2021, the Indian residential realty market continues to witness buyer-search volumes moving consistently upwards. Metropolitan cities have contributed towards boosting the economy. The report also suggests that the market is expected to gain further and the GDP is also turning positive.

Based on the current statistics, here is a list of some cities that have reported decent growth and ensure a promising future of the realty sector.

Hyderabad: The city is leading to recovery from the losses it faced earlier with more activities in the under-construction segment. With an increase in the supply of new housing units, the city has recovered its pace. Additionally, the resumption in construction activities and the proactive measures undertaken by the developers and government are boosting the customers’ sentiments. The supply in Q1 2021 was up by 19.5% which is highly promising. Leading real estate company in Hyderabad, Modi Builders also witnessed a surge in sales of flats and observed higher customer sentiments to own a house. Industry experts at Modi Builders believe that customer-centric decisions have majorly increased sales across the city. Projects in the suburbs like Elegance, Paradise Homes and Sterling Heights are also preferred by the millennials.

Mumbai: Tax reduction and lowered prices are upholding the positive market sentiment in the city that never sleeps. It witnessed a supply boost of new housing units that resulted in the increase of overall listings in Q1 2021. Builders also started launching projects which were halted due to the lockdown. According to a report by ANAROCK Property Consultants, the sales in Mumbai luxury hotspots are boosted.  Additionally, the overall report of the sector is positive. According to Annuj Goel, Managing Director, Goel Ganga Developments, the latest realty stimulus package announced by the Maharashtra government is expected to give a major boost to the real estate sector.

Ahmedabad: Affordable and mid-segment projects have led to steady growth in the city’s realty segment. Showcasing an upward trend, it has performed well in the Q1 (Jan-March) 2021 and capitalized on the momentum it achieved in Q4 (Oct-Dec) 2020. As per the report by Knight Frank India, a leading real estate consultant, the sales of residential properties in Ahmedabad were raised to 34% in the first quarter (January-March) of the current financial year. Q1 of 2021 also witnessed a rise in the new property launches by around 89 per cent.

Bengaluru: Under-construction properties are steering the price growth in Bengaluru. The residential supply increased by 6.9% in the first quarter of 2021 due to the latest launches in the city. The majority of new realty projects were concentrated in the city’s eastern and southern outskirts.

The real estate sector is expected to play a major role in strong revival of the economy. After showing a major growth in the first quarter, the Indian economy is estimated to grow by 10-13% in the financial year 2021-22.

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