Residential sales during January-September 2021 increased by 47% as compared to the same period last year across the top seven cities, according to JLL’s Residential Market Update – Q3 2021, released today. This implies that the second wave had limited impact on sales in the first three quarters of 2021. On a sequential basis, sales improved by 65% during Q3 2021. Sales got a boost from many factors including lower Covid-19 cases in Q3 backed by robust vaccination drive which led to cautious unlocking of the economy in various states.
After a lull phase in Q2 2021 owing to the resurgence of the pandemic and restrictions imposed by various state governments, sales gained momentum during Q3 2021 as the country began to cautiously return to normal economic activities supported by aggressive vaccination drive. The growing need for home ownership supported by lower mortgage rates and stable employment scenario drove the housing demand in Q3 2021. Mumbai has consistently been the largest contributor to sales over the past five quarters. During Q3 2021, Mumbai and Delhi each accounted for 21% of the total sales followed Pune and Bengaluru. Recovery well underway as sales surpassed pre-covid levels.