Residential unit sales up 34% QoQ in July-September – Times of India

NEW DELHI: The country’s residential real estate market has shown initial signs of a pick-up during the July-September quarter, with sales rising 34% compared to the June quarter, although it was still 65% lower than the second quarter of 2019-20.
Data released by property consultant JLL India estimated sales at 14,415 units so far this quarter, compared to 40,781 during July-September 2019. On a quarter-on-quarter (QoQ) basis, sales in the Delhi-NCR increased by 38% to 3,112 units in the July-September quarter as against 2,250 units in the previous quarter, when a large part did not see any sales due to the Covid-related lockdown. But sales were less than half of last year’s level when 7,274 units had been sold during the September quarter.
Even the Mumbai market, which is badly affected by the pandemic, witnessed an improvement in sales by 17% to 4,135 units on a sequential basis.
The impact on incomes and jobs has prompted individuals to defer purchases, with many expecting prices to drop due to the lack of demand and the financial stress that builders are facing. The report suggested that developers, who have been operating at low margins, are unlikely to cut prices further.