New Delhi, October 03, 2021: Dr. Niranjan Hiranandani, National Vice Chairman, NAREDCO & MD, Hiranandani Group, commenting on good residential realty sales during the Shraadh period, traditionally a slow-moving period for property sales, said robust growth reflected in property registrations has been recorded during September 2021. According to an analysis by Knight Frank India, around Rs. 10,300 crore worth of property was sold in the month of September 2021 (until September 29) which is up 78 percent versus the pre-pandemic numbers of September 2019 and 22 percent up versus September 2020. An analysis by Propstack, quoted in media reports, says 7,500 property deals were registered in Mumbai in September 2021; an increase of more than 10 per cent compared to August 2021, according to data until September 29. The registration numbers are up by 87 per cent, when compared to September 2019 (4,032 units registered) and 35 per cent higher than September 2020 (5,597 units registered).
“This has been the result of improved market sentiment, on increasing job security as also new jobs in BFSI, IT and ITeS. Last year, it was the stamp duty reduction which powered most sales during this month; this year the numbers have grown despite the roll-back of the stamp duty incentive. Historic low home loan interest rates as also sweeteners by real estate developers have played a major role in property sales reflecting high numbers this September,” he added.
“In Mumbai and the MMR, the residential realty market is expected to perform better, buoyed by the festive season and new launches by developers, which in turn reflect upon a market gearing up for off-take in sales, given the slew of new project launches which are further powered by pent-up demand. Given the positive numbers during Shraadh, the festive season should witness a strong sales momentum on conducive demand drivers. Beyond Navratri and Diwali, property sales momentum is expected to remain strong,” he concluded.
Corporate Comm India (CCI Newswire)
