A quick rebound is evident in the third quarter: The housing market saw a 12% increase.

com.Bengaluru : Housing sales increased 12 percent to 1,38.

051 units between January and September of this calendar year, compared with 1,23.725 units for the same period in 2020, according to the latest report Real Insight residential Q3 2021 from PropTiger.comAccording to the report, driven by pent up demand and festive sales as well as gradual recovery in the Indian economy, improved job market and low interest rates, housing sales are likely to rise by 15-20 per cent above 2020 level during the current calendar year despite the strong second wave of the Covid pandemic.The report states that despite the Covid pandemics second strong wave, sales of housing are expected to increase by 15% to 20% in 2020 due to increased demand, festive sales, and a gradual recovery in Indias economy.Property sales picked up from July onwards as the infection rates waned, said Rajan Sood, Business Head, PropTiger.com.According to Rajan Sood (Business Head at PropTiger.com), property sales increased from July as infection rates declined.However, Sood added, "despite the revival in the residential real estate market, housing sales might still fall short of 2019 numbers.Sood said that despite the recovery in residential real estate, sales of housing might not reach 2019 levels.

A lot depends on sales numbers in the ongoing quarter.".Much depends on the sales figures for the current quarter.As per market estimates, housing sales could rise by a high double-digit percentage during the October-December period of this year from 58,914 units in the same quarter last year.

According to market estimates, sales of housing could increase by an impressive double-digit percentage in October and December from the 58,914 units sold the previous quarter.In the 2020 calendar year, sales plunged 47 per cent to 1,82,639 units from 3,47,586 units in the previous year, mainly because of strict nationwide lockdowns to control the deadly coronavirus during April-June last year.

Sales fell 47 percent to 1,826,393 units, from the 3,47,586 units the year before.This was mainly due to tight nationwide lockdowns last April and June to combat the deadly coronavirus.

"The likely growth in housing sales augurs well for the Indian real estate market and the overall Indian economy.The likely increase in Indian housing sales is a good sign for both the Indian realty market and overall Indian economy.

The contribution of real estate in employment generation as well as the countrys GDP is immense.Real estate is a huge contributor to the nations employment and GDP.So, the recovery in the housing market is the need of the hour," added Rajan Sood.Rajan Sood said that the revival of the housing market was essential."We are seeing heightened property search activity on Housing.com which points towards a positive turnaround for the residential real estate market for 2021.We are witnessing a higher level of property searches on Housing.com, which suggests a positive turn for residential real estate in 2021.Reflecting the optimism in the sector, Housing.coms IRIS index, which is a leading indicator to assess the upcoming residential demand in the country, closed at an all-time high in September of this year", said Ankita Sood, Director and Head of Research, PropTiger.com, Housing.com & Makaan.com.Ankita Sood (Director and Head of Research at PropTiger.com, Housing.com & Makaan.com), said that the IRIS index on Housing.com which serves as a key indicator of the upcoming residential demand, was closing at an all time high in September.This reflects the sectors optimism.In case of Bengaluru, the online high-intent homebuyer activity in the city is already 90 per cent closer to the historical peak of March 2021.

The historical peak in March 2021 was 90 percent closer for Bengalurus online homebuyer activity.Most of these property searches are concentrated in prominent commercial and residential locales such as Krishnarajapura, Whitefield, Varthur and Electronic City.

These property searches tend to be concentrated in high-profile commercial and residential locations such as Whitefield, Varthur, Varthur, and Krishnarajapura.The build-up of search queries suggests improving consumer sentiment in this end-user driven residential market, signaling a positive outlook for the year.

This suggests a better consumer mood in the end-user-driven residential market and a bright outlook for next year.The demand drivers over the last one year have been -- low interest rates on home loans, stable housing prices in the last few years, discounts & special offers from builders to speed up liquidation of their stocks and stamp duty reduction by various state governments including Karnataka wherein the state has reduced the stamp duty on property priced between Rs 35 lakh and Rs 45 lakh to 3 per cent from the earlier 5 per cent.

In the past year, demand drivers have included low interest rates for home loans, stability in housing prices over the previous few years, special discounts and offers by builders to accelerate liquidation of stocks, and reductions in stamp duties by different state governments, including Karnataka, which has reduced stamp duty to 3% on properties priced between Rs 35 lakh to Rs 45 lakh from its earlier 5 percent.The adoption of work from home policy has also led to rise in housing demand.

Housing demand has increased due to the adoption of a work-from-home policy.The belief in home ownership has gained momentum, even among young millennials who earlier were reluctant to buy homes, preferring the flexibility offered by shared living.

Even millennials, who were previously reluctant to purchase a home, now believe in the benefits of homeownership.After the outbreak of the pandemic, the consolidation of housing demand towards big, listed and reputed developers has gained momentum.

The consolidation of housing supply towards large, listed, and well-respected developers gained momentum after the pandemic.This is getting reflected in their quarterly sales bookings numbers.Their quarterly sales figures reflect this trend.Nevertheless, Indias residential market would still take some time to reach pre-Covid levels of around 3.5 lakh units of annual sales.However, Indias residential markets will still need to grow at a slower pace than the pre-Covid level of about 3.5 million units per year."As per our estimates, housing prices will remain stable although there is upward pressure because of rising input costs.

According to our estimations, prices for housing will continue to be stable despite rising input costs.Some branded developers have raised prices, albeit marginally, to offset increase in input costs.

To offset rising input costs, some developers have increased prices marginally.Consumers are also ready to pay a premium to those builders who have an impeccable execution track record", added Rajan Sood.

Rajan Sood said that consumers are willing to pay more for builders with a track record of flawless execution "Our research shows that demand for plots has improved across all major cities.Our research has shown that plot demand is rising in all major cities.

Independent floors too are in demand in some cities like Delhi-NCR.In Delhi-NCR, independent floors are also in high demand.

The demand is largely driven by end-users in affordable and mid-income segments, but luxury properties are also not lagging behind.".This is driven mainly by people with low- and moderate-incomes, however luxury properties also have a strong demand." New launches have more than doubled to 1,40,087 units during January-September 2021 from 68,097 units in the year-ago period.

From 68,097 units the previous year, new launches more than doubled between January and September 2021 to 1,40,087 units.Fresh supply has already crossed the annual figures for 2020 that saw total new launches at 1,22,426 units across eight cities.

The annual 2020 figures, which saw new launches totalling 1,224,262 units in eight cities, have already been exceeded by fresh supply."New supply in the full 2021 calendar year is expected to reach near the pre-Covid level", Added Sood.

According to Sood, "new supply is likely to be at or near pre-Covid levels" for the entire 2021 calendar year.During 2019, total launches were 2,44,254 units.

In 2019, there were total of 2,44,254 launches.sn/skp #rebound #quarter #Delhi #StockExchange #SenSex #Nifty #India #Economy .