+
Residential real estate sales surge 51% in top 8 cities in 2021
Real Estate

Residential real estate sales surge 51% in top 8 cities in 2021

Housing sales across the leading eight cities surged 51% in 2021, even as the office market continued to decline due to the Covid-19 pandemic, with gross leasing observing a 3% drop, as per Knight Frank India.

Residential sales rose to 2,32,903 units in 2021, from 1,54,534 homes in 2020, but demand dropped 5% from the 2019 pre-pandemic levels and 37% lower than the 2011 peak numbers. In the office segment, the gross leasing of office space dropped to 38.1 million sq ft in 2021, from 39.4 million sq ft in the previous year, due to the unfavourable effect of the second wave of the Covid-19 pandemic. The demand is much less than the record 60.6 million sq ft attained in 2019.

Releasing its report 'India Real Estate: 2021', property consultant Knight Frank India told the media that in an extraordinary year marred by the pandemic and lockdowns, the realty sector displayed great resilience last year. Residential sales in the second half of the past calendar year observed the highest volume since the first half of 2016.

Despite the troubles generated by the pandemic, residential sales momentum surged across the leading eight markets of the nation due to an overload of demand stimulants like lowest home loan rates, government sops and change in attitude, Knight Frank India CMD Shishir Baijal, told the media.

Strong market ideas must continue to help market volumes in the near term. In terms of 12-month housing cost change, Hyderabad, Chennai, and Bengaluru listed an increment of 7%, 5% and 4%, respectively. Mumbai observed a marginal increment of 1%. The costs were recorded to be stable in Kolkata, Ahmedabad and Pune. The Delhi-NCR observed a marginal drop of 1%.

Image Source

Housing sales across the leading eight cities surged 51% in 2021, even as the office market continued to decline due to the Covid-19 pandemic, with gross leasing observing a 3% drop, as per Knight Frank India. Residential sales rose to 2,32,903 units in 2021, from 1,54,534 homes in 2020, but demand dropped 5% from the 2019 pre-pandemic levels and 37% lower than the 2011 peak numbers. In the office segment, the gross leasing of office space dropped to 38.1 million sq ft in 2021, from 39.4 million sq ft in the previous year, due to the unfavourable effect of the second wave of the Covid-19 pandemic. The demand is much less than the record 60.6 million sq ft attained in 2019. Releasing its report 'India Real Estate: 2021', property consultant Knight Frank India told the media that in an extraordinary year marred by the pandemic and lockdowns, the realty sector displayed great resilience last year. Residential sales in the second half of the past calendar year observed the highest volume since the first half of 2016. Despite the troubles generated by the pandemic, residential sales momentum surged across the leading eight markets of the nation due to an overload of demand stimulants like lowest home loan rates, government sops and change in attitude, Knight Frank India CMD Shishir Baijal, told the media. Strong market ideas must continue to help market volumes in the near term. In terms of 12-month housing cost change, Hyderabad, Chennai, and Bengaluru listed an increment of 7%, 5% and 4%, respectively. Mumbai observed a marginal increment of 1%. The costs were recorded to be stable in Kolkata, Ahmedabad and Pune. The Delhi-NCR observed a marginal drop of 1%. Image Source

Next Story
Infrastructure Urban

Naidu Seeks Rs 563 Crore For AP Sports Infrastructure

Andhra Pradesh Chief Minister N Chandrababu Naidu has sought Rs 563 crore from the Centre to boost sports infrastructure in the state, including Rs 538 crore for stadium development and Rs 25 crore to host the Khelo India Martial Arts Games 2025. Naidu made the request during a meeting with Union Youth Services and Sports Minister Mansukh Mandaviya in New Delhi on Wednesday.The CM urged early completion of Khelo India infrastructure projects in Tirupati, Rajahmundry, Kakinada, and Narasaraopeta, and called for an international-standard badminton training centre and a national aquatic sports hu..

Next Story
Infrastructure Transport

Tough Bidding Norms Slow NHAI Road Project Awards

Stringent bidding rules imposed by the Ministry of Road Transport & Highways (MoRTH) have led to a slowdown in project awards by the National Highways Authority of India (NHAI), despite a robust Rs 3.5 trillion pipeline. According to an HDFC Securities report, the shift to more cautious developer models now favours firms with strong balance sheets, as tighter qualification norms limit aggressive bidders.The revised norms mandate additional performance security, targeting the exclusion of players that previously submitted low bids—often 25 to 40 per cent below NHAI cost estimates—raisin..

Next Story
Infrastructure Transport

Mumbai Gets Coastal Nod for Next Promenade Phase

As Mumbai prepares to open two major sections of its expansive seafront promenade this week, the city’s civic authority has secured a key coastal clearance to advance further construction. The Maharashtra Coastal Zone Management Authority (MCZMA) has approved the commencement of work on the segment between Haji Ali and Baroda Palace, with tendering expected soon after project cost assessments.The promenade, stretching 7.5 km in length and 20 metres wide, is being designed as a flagship open space for walkers, joggers, and cyclists. Two critical stretches—2.75 km from Tata Garden to Haji Al..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?