Sales of three-BHKs increased 19% in seven cities: PropEquity report

Sales of three-BHK housing units have increased by 19% across the top seven cities in India in the first quarter (Q1) of 2021 to 30,169 units against 25,307 units in Q1 2020 as per a PropEquity report. Work from home has led to the high demand for homes in India due to the Covid-19 pandemic. The new supply of housing units declined by 30% in the same period to 20,848 in Q1 2021 units from Q1 2020 at 29,836 units as developers were clearing earlier stock and resizing home offerings. Founder and managing director at PropEquity Samir Jasuja told the media that this trend of buying bigger homes will remain in India as complete vaccination of the eligible Indian population is still not done. Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR), National Capital Region (NCR), and Pune are the cities where home sales observed growth in Q1 2021 against Q1 2020 at 10%, 43%, 14%, 54%, 13%, and 34%, individually. Mumbai saw the maximum rise in demand for three-bhk homes, where smaller size homes are more in demand due to high cost. Bengaluru witnessed an increase of 10% in home sales in Q1 2021 at 5,794 while Chennai registered a 43% increase in home sales in Q1 2021 at 2,387. In Hyderabad, home sales witnessed a rise of 14% in Q1 2021 at 6,519 units. Kolkata was the only city to witness a downfall of 12% in home sales during the same period. Image Source Also read: Home sales in tier-2, tier-3 cities decline in April amid Covid-19 Also read: Home sales plunge in April-May due to second wave of Covid-19