Mumbai tops residential real estate market recovery in Q1 FY22

05 Aug 2021 CW Team

The residential real estate market, being impacted hard by lockdowns and travel restrictions in April and May, recovered quickly once the restrictions were lifted.

While overall sales in major markets fell in the April-June quarter, the total offtake increased significantly in 2020.

The housing market is on the mend, led by two prominent markets Mumbai and Bengaluru that were hard hit during the second wave of Covid-19.

According to the most recent Knight Frank data, property registration in the largest market, the Mumbai Metropolitan Region (MMR) reached a decadal high in July. With 9,037 registrations, July saw the highest number of registrations since 2011.

Residential unit sales in Mumbai increased 1% in the April-June quarter over the previous quarter, according to property consultant JLL. Quarter-on-quarter (QoQ), new product launches increased by 33%.

It jumped by 47% in Bengaluru. Property registrations in Mumbai have risen steadily since May, according to Shishir Baijal, chairman and managing director of Knight Frank India. In April-June, home sales in Delhi-NCR fell by 55% QoQ.

Concerns have also been raised about the plan of the Uttar Pradesh government to increase circle rates by up to 40% in the Noida-Greater Noida region and along the Yamuna Expressway.

It has also proposed a 5-12.5% surcharge on properties near the e-way or along the Metro route. The real estate market in the National Capital Region has only recently begun to recover.

Overall sales in the top seven markets fell by 23% QoQ but increased by 83% year over year (YoY).

Total sales increased 18% YoY to 45,218 units in the first half (H1) of 2021, compared to the first wave in 2020, as the market proved more resilient to the second wave.

Despite the increase, the 2021 figures fell short of the pre-Covid levels. In comparison to H1 of 2019, the latest figures are 42% lower and are on par with H2 of 2017.

In the first half of 2021, new launches increased by 71% year over year.

Image Source

Also read: Real estate sector records PE investments of over $2.9 bn in H1 2021

Also read: Commercial real estate picking momentum in top cities

The residential real estate market, being impacted hard by lockdowns and travel restrictions in April and May, recovered quickly once the restrictions were lifted. While overall sales in major markets fell in the April-June quarter, the total offtake increased significantly in 2020. The housing market is on the mend, led by two prominent markets Mumbai and Bengaluru that were hard hit during the second wave of Covid-19. According to the most recent Knight Frank data, property registration in the largest market, the Mumbai Metropolitan Region (MMR) reached a decadal high in July. With 9,037 registrations, July saw the highest number of registrations since 2011. Residential unit sales in Mumbai increased 1% in the April-June quarter over the previous quarter, according to property consultant JLL. Quarter-on-quarter (QoQ), new product launches increased by 33%. It jumped by 47% in Bengaluru. Property registrations in Mumbai have risen steadily since May, according to Shishir Baijal, chairman and managing director of Knight Frank India. In April-June, home sales in Delhi-NCR fell by 55% QoQ. Concerns have also been raised about the plan of the Uttar Pradesh government to increase circle rates by up to 40% in the Noida-Greater Noida region and along the Yamuna Expressway. It has also proposed a 5-12.5% surcharge on properties near the e-way or along the Metro route. The real estate market in the National Capital Region has only recently begun to recover. Overall sales in the top seven markets fell by 23% QoQ but increased by 83% year over year (YoY). Total sales increased 18% YoY to 45,218 units in the first half (H1) of 2021, compared to the first wave in 2020, as the market proved more resilient to the second wave. Despite the increase, the 2021 figures fell short of the pre-Covid levels. In comparison to H1 of 2019, the latest figures are 42% lower and are on par with H2 of 2017. In the first half of 2021, new launches increased by 71% year over year. Image Source Also read: Real estate sector records PE investments of over $2.9 bn in H1 2021 Also read: Commercial real estate picking momentum in top cities

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..

Products

07 Jul 2026

EUROBOND Expands NABL Accreditation to 51 Testing Parameters

EUROBOND, the flagship brand of Euro Panel Products, has expanded the National Accreditation Board for Testing and Calibration Laboratories (NABL) accreditation of its in-house laboratory from 16 to 51 mechanical and chemical testing parameters, making it the only Indian aluminium composite panel (ACP) manufacturer with accreditation covering such an extensive testing scope.The expanded accreditation enables the company to independently test coils, coatings, cores, aluminium composite panels (ACP) and metal composite panels (MCP) in accordance with international standards, including IS, ASTM, ..