New Apartments Sale Are Peaking Up Does It Means That Real Estate Has Come Out From The Shadows Of Pandemic’s Curse?

New home sales have seen a pointy rise in recent months, giving a sigh of relief from the pandemic-led worry across the realty market. New homes sold in Mumbai and therefore the remainder of Maharashtra are 10-30 percent higher in October, compared with January this year. it's believed that supportive measures from a couple of state governments like Karnataka and Maharashtra have led to the phenomenon, consistent with a report by Crisil Research. While Maharashtra had cut stamp tax from 5 per cent to 2 percent up to December 2020 and to three percent for January-March 2021, Karnataka had also slashed it from 5 percent to three percent for homes priced between Rs 21 lakh and Rs 35 lakh

The favourable interest rates and a fall in property prices have made the house 35 per cent cheaper in India’s Top-10 cities within the past five years, the report added. Despite a much bigger fall in annual household income as compared to the residential prices, affordability increased in 2020. On the opposite hand, a pointy decrease within the cost of funding pushed average home equity credit rates from around 8.9 percent in 2019 to 7.5 percent in 2020, said another report by JLL

Among major cities, affordability improved around Mumbai, NCR and Pune quite other metro cities like Bengaluru and Hyderabad due to pricing pressure. Here, the first-time homebuyers, fence-sitters, and resale flat buyers have received a favourable, buyer-centric market.

Meanwhile, profits of the realty companies are concerned, the quarterly results of key listed players showed better than expected growth within the Q2 FY21, while in most cases, bookings for these players touched pre-Covid levels. The Crisil Research estimated that the momentum may continue within the last half of this fiscal. Shree Balaji Group 6 star rated projects in Vadodara like Agora City Centre, Shree Balaji Skyrise, Shree Balaji Wind. Meanwhile, the general rebound in land demand in October was faster than expected earlier, however, its sustenance post the festive season are going to be monitorable. On a full-year basis, it's expected that overall primary sales may witness a fall of 40-50 per cent within the top 10 cities

Location: Vadodara, Gujarat, India

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