Sales in Pune’s Housing market in the ongoing quarter have exceeded figures from the corresponding period from 2020, just before the pandemic hit, according to real estate observers.
Reports released by realty consultants JLL and Anarock said other markets across the country too were railing, and attributed increase in sales- especially in Pune and Mumbai- to stamp duty and premium rebates by the state government and a 10 year-low interest rates on home loans.
Real estate consultancy Knight Frank, in its report, observed that 12,696 properties were registered in Mumbai between March 1 and 24. This implied a daily average of 529 units, over 4 times higher than in March 2020. The Knight Frank report added that the increase in registrations was not affected by the 3% cut in stamp duty being revised to 2% in January this year.
Players in Pune’s real estate sector reported a similar rush in registrations in the days leading upto March 31, when the stamp duty concession would expire. Shishir Baijal, chairman and managing director of Knight Frank said, “As the economy revived the first quarter of this calendar year, it boosted sales.
The euphoria among home buyers continued despite the 1% increase in stamp duty rates. A combination of lowest home loan rates reduced prices, rebates and payment flexibility, as well as increased household savings, have provided right growth environment,”
Per JLL the nationwide market recorded a 93% recovery in the first quarter of 2021 compared to Q1 2020. Pune’s recovery has been marginally higher than 100%, while Mumbai recovered slower, at 84%. Other cities Kolkata, Hyderabad, Delhi NCR and Chennai recovered better but Mumbai topped absolute sales numbers.
Samantak das, Chief economist of JLL, also attributed the increase to the aforementioned factors, and said, “the easing of lockdown restrictions and the start of the vacation drive have further helped bringing buyers back to the market.”
News Source: Times Of India
