The real estate industry witnessed a hike in sales of 34% QoQ in July-September -2020

After Lockdown, Real Estate Industry has shown rapid growth in the sector i.e. In July –September-2020 quarter, the Industry has witnessed a growth of 34% to the June quarter, even though it was still 65% lower than the second quarter of 2019-20. Property consultant JLL India released the data by estimated sales at 14,415 units so far this quarter, compared to 40,781 during July-September 2019After the study on a quarter-on-quarter (QoQ) basis, the Mumbai market is found badly affected by the pandemic but on the same hand has witnessed an improvement in sales by 15% to 18% to4,000 units approx on a sequential basis. Also, sales in the Capital City has increased by 36%-38% approx to sell more than 3000 units in the July-September quarter as against 2,200 units approx in the previous quarter, the large part did not see any sales due to the COVID-related lockdown. But if we compare the sales with last year’s study it’s half of the last year’s level i.e. 7,274 units had been sold during the September quarter last year. The impact on jobs and incomes has forced individuals to defer purchases, with many expecting prices to drop due to the financial stress and the lack of demand that builders are facing. The report suggested that developers, who have been operating at low margins, are unlikely to cut prices further.

Source: https://timesofindia.indiatimes.com/business/india-business/residential-unit-sales-up-34-qoq-in-july-september/articleshow/78377098.cms

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