According to a report by The Times of India, the National Capital Region (NCR) has witnessed a significant 20% increase in housing sales, with a notable rise also observed in mid-segment demand. This surge is attributed to the residential market’s recovery following the second wave of COVID-19. When compared to the first half (H1) of 2020, housing sales have shown an impressive rebound.
Nayan Raheja of Raheja Developers highlighted that, after enduring more damage during the second wave, there was an increased need for larger homes within lower commute zones. The real estate sector has been witnessing this shift as people are opting for bigger accommodations and mid-segment houses instead of rented spaces.
Amarjit Bakshi, CMD of Central Park, shared insights on the luxury segment’s performance. He stated that, while initially there was a slowdown due to uncertainty and caution among buyers, there has been a remarkable turnaround in recent months. The luxury segment is now witnessing demand exceeding supply in Gurugram.
Prashant Thakur, head of research at Anarock, noted that the maximum affordable housing demand came from Pune, followed by Delhi-NCR and Kolkata. There has been an increase in property seekers preferring to buy homes in the Rs 90 lakh–Rs 1.5 crore range.
Sachin Gawri, CEO of Rise Infraventures, estimates that corrected real estate values following pre-2020 downturns combined with significant growth numbers over the last six months indicate almost every segment demand exceeding supply scenario. “In almost every segment, the demand has exceeded supply, which is a good sign for developers as quality projects will immediately get absorbed,” he added.