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India’s real estate sector bounced back from the pandemic-induced slowdown with a record rise in sales of 51 per cent year-on-year at 2,32,903 units, according to a Knight Frank India report.
About 1,33,487 housing units were sold in the second half of 2021 cumulatively in the top eight cities, recording a 41 per cent increase year-on-year.
Knight Frank India launched the 16th edition of its half-yearly report – India Real Estate: 2021, a comprehensive analysis of the residential and office market performance across eight cities for July-December 2021.
Around 69,477 housing sales were reported in Q4 2021. Residential homes over Rs 50,00,000 constituted 58 per cent of the overall sales in H2 2021.
Low-interest rates, a fall in house prices and state governments’ stimulus supported the housing market revival in 2021.
New completions of office spaces in 2021 increased by 9 per cent from last year were recorded at 39 million square feet, higher by 9 per cent over the preceeding year.
In 2021, Mumbai (62,989), Bengaluru (38,030) and Pune (37,218) made the highest cumulative sales. Mumbai (34,382), National Capital Region (NCR) (23,599) and Bengaluru (23,218) were the leading residential sales performers in the second half of 2021.
Despite the stamp duty cut window closure in March 2021, Mumbai and Pune accounted for 41 per cent of the home sales during H2 2021, the report says.
Hyderabad and Bengaluru witnessed the highest growth percentage in home sales during H2 2021 at 135 per cent and 104 per cent, respectively.
Chennai, Hyderabad and Bengaluru registered increments of 7 per cent, 5 per cent and 4 per cent for 12-month residential price change. While Mumbai witnessed a marginal increment of 1 per cent, prices remained stable in Pune, Kolkata and Ahmedabad.
In terms of office spaces, top eight cities recorded 25.9 million square ft worth of transactions in July – December 2021. Office completions were recorded at 23.7 million square ft in the same period. While the 38.1 million square ft transacted in 2021 almost equalled 2020 levels, it could have comfortably crossed the same but for the uncertainty caused by the emergence of the Omicron variant towards the end of the year, the report says.
Up to 68 per cent of the total leasing in 2021 took place in the second half of the year. Bengaluru led the pack with 12 million square feet of total leasing.
Further, Information Technology led office leasing with 27 per cent, followed by the manufacturing sector with 21 per cent, and other services sector accounting to 19 per cent of the space transacted.
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