MMR Sold 4% More Homes in Jan-Sep 2020 Than It Did In Same Period OF 2018
MMR sold more homes between January and September of 2020 than it sold in the same period of the year 2018. September saw highest sale recorded since the nationwide lockdown was imposed.
By Varun Singh
There have been a lot of negatives that the year 2020 has already dropped in our kitties. However, this piece of information might cheer up the real estate news industry.
Mumbai Metropolitan Region (MMR) saw a high in sale between January to September 2020 compared to the same period in 2018.
MMR sold homes worth Rs 49,313 crore between Jan-Sept 2020. The sale figure was Rs 47,242 crore in the corresponding period of 2018.
According to a report by Anarock Property Consultants, MMR witnessed a 4% growth in 2020 compared to 2018.
“Based on these results, there is now every reason to look at the coming festive season with confidence – homebuyers are back on the market. This return of sentiment, coupled with various festive offers and with attractive financial schemes, will produce a marked uptick.”Anuj Puri, Chairman – ANAROCK Property Consultants.
Homes worth Rs 88,730 Crore was sold in top seven cities from Jan-Sept 2020 and MMR was on top.
On yearly basis, MMR saw total sales value reduce by 22% – from Rs 62,964 crore in 2019 to Rs 49,313 crore this year.
But, interestingly, as against 2018 period when MMR recorded sales worth Rs 47,242 crore it became the only city to witness an increase (of 4%).
How other cities performed
- Bangalore sales values in the first nine of months of 2020 stood at Rs 12,569 crore as against Rs 28,159 crore in the 2019-period. The city saw sales of nearly 17,020 units between January to September 2020.
- Housing sales value in NCR was approx. Rs 9,430 crore in the first nine of months of 2020 as against Rs 24,860 crore in 2019 – registering a 62% annual drop. Total housing units sold this year was less than Bangalore at 15,450 units.
- Pune saw housing sales worth Rs 8,692 crore in the first nine of months of 2020 as against Rs 17,524 crore back in 2019. The overall units sold in the three quarters this year is 14,200 units.
- Hyderabad witnessed housing sales worth Rs 3,116 crore in this period as against Rs 9,391 crore back in 2019. The overall units sold in the three quarters here is approx. 4,980 units.
- Kolkata saw sales of 4,800 units in 2020 till September whose total value is estimated to be Rs 2,833 crore as against Rs 5,848 crore in 2019-period.
- Chennai saw housing sales worth Rs 2,777 crore in the three quarters of 2020 as against Rs 5,575 crore in 2019. The city recorded home sales of nearly 4,280 units in 2020-till September.
MMR comprises of prime real estate markets of Mumbai, Thane, Navi Mumbai and others.
In Septemner Mumbai witnessed a major jump of 112% in registration of sales from August 2020.
Not only this September 2020 saw a 38% rise in sale registration compared to September 2019 too.
“Data suggests that the worst seems to be over for the Indian residential sector as sales went up in the third quarter of 2020. Despite the ongoing pandemic, end-users are making the most of bottomed-out property prices and historic low home loan rates and financial schemes offered by developers,” said the report.
Housing sales value in the top seven cities in Q3 2020 collectively rose to Rs 29,731 crore as against Rs 12,694 crore in the preceding quarter – a significant q-o-q jump of 134% over Rs 46,306 crore of the pre-Covid-19 quarter.
- Chennai housing sales values jumped up almost 3.3 times – from Rs 314 crore in Q2 2020 to over Rs 1,039 crore in Q3 2020.
- NCR was next, recording a jump of 157% in its sales value – from Rs 1,263 crore in the second quarter of 2020 to over Rs 3,246 crore in the third quarter.
- Hyderabad sales values went up by 152% – from Rs 410 crore in the second quarter to nearly Rs 1,032 crore in Q3 2020.
- MMR saw homes worth Rs 16,500 crore sold in Q3 2020 against Rs 6,748 crore in the preceding quarter – an increase of 145%.
- Pune’s housing sales value stood at Rs 2,968 crore in Q3 2020 against Rs 1,321 crore in preceding quarter- a 125% increase.
- Kolkata sales values went up by 121% – from Rs 433 crore in the second quarter to nearly Rs 957 crore in Q3 2020.
- Bangalore saw homes worth Rs 3,989 crore sold in Q3 2020 against Rs 2,205 crore in the preceding quarter – an increase of 81%