Various measures taken by the government at the centre as well as by several state governments to boost buyer confidence have started to show positive outcomes, with home sales in India’s eight prime residential markets showing a quarterly increase of 12% in the January-March quarter (Q1) of CY(calendar year)2021 compared to Oct-Dec quarter of 2020, shows a recent report by online property brokerage firm PropTiger.com.
According to ‘Real Insight – Q1CY21’, builders sold a total of 66,176 homes in the primary market in the January-March quarter of 2021, a time marked with several state governments, including Maharashtra and Delhi, announcing stamp duty and circle rate reductions to boost buyer sentiment and by effect housing sales. When compared to Q1CY20, however, home sales in the markets covered in the analysis showed a decline of 5% from 69,555 units, something that can be termed marginal, considering that the January-March period in 2020 was the last quarter before the pandemic spread started in India, forcing the government to announce a nation-wide lockdown late in March 2020 that brought economic activity in the country to a halt.