Signs Of Recovery Before The Festive Season: Real Insight Q3 2020
The whirlwinds of the ongoing COVID-19 pandemic notwithstanding, cues suggest that the Indian economy is showing a recovery of sorts. This is suggested by variables such as GST collection, manufacturing PMI, peak power demand, rail freight collections, fuel consumption, and car and tractor sales nearing pre-COVID-19 levels. The phased opening of the economy and various monetary and fiscal measures announced by the central bank and the government of India, have been instrumental in infusing a degree of vigour in the residential real estate market, with both supply and demand gradually recovering from the bottomed-out last quarter. We believe this momentum of recovery, although slow, is expected to continue in the ensuing quarter with the upcoming festive season.
- Housing sales improved significantly with 86% growth over the previous quarter; Mumbai and Pune continue to drive demand.
- New supply registered a 58% YoY increase in Q3 with 19,865 units launched.
- Pune and Hyderabad lead the supply tally; 45% of total new supply was concentrated in these two cities.
- Home buyers opt for the 2BHK configuration, with 46% units sold from the overall demand pie; 28% sales recorded in the 3BHK configuration.
- Ready-to-move-in offtake remained at 30% of the overall sales.
- Unsold inventory sees positive decline; 56% of unsold stock concentrated in Mumbai and Pune.
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