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House sales up 51 percent in 2021 total 2,32,903 houses sold in top 8 cities says Knight Frank | Home sales up 51 percent in 2021, 2,32,903 houses sold in top 8 cities: Knight Frank India report

Home sales up 51 percent in 2021, 2,32,903 houses sold in top 8 cities: Knight Frank India report

Highlights

  • Home sales in the top eight cities of the country increased by 51 percent during the year 2021
  • Office space demand continues to decline due to COVID-19 pandemic
  • Home sales increased to 2,32,903 units from 1,54,534 units in 2020

New Delhi. Despite the Corona crisis, there is a tremendous increase in the sale of houses in the country. According to the report of reputed agency Knight Frank India, the sale of houses in the top eight cities of the country increased by 51 percent during the last year 2021. However, the demand for office space continues to decline due to the COVID-19 pandemic.

A report by property advisory firm Knight Frank India said that office space leasing activity declined by three per cent. Home sales rose to 2,32,903 units last year from 1,54,534 units in 2020 but are five per cent lower than the pre-pandemic levels in 2019 and 37 per cent compared to 2011. However, the demand for office space declined to 381 million sq ft last year from 394 million sq ft in the previous year. This figure is far less than the record level of 60.6 million sq ft in 2019.

Knight Frank India said in a report titled ‘India Real Estate: 2021’, “Despite the impact of the global pandemic and lockdown, the real estate sector showed considerable resilience in 2021”. The figure is the highest since the first half of 2016.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “Despite the disruptions caused by the pandemic, sales of housing units have increased in eight important markets of the country.” In Chennai, Hyderabad and Bangalore these increased by seven per cent, five per cent and four per cent, respectively. Home prices in Mumbai increased by one percent. Prices remained stable in Pune, Kolkata and Ahmedabad, while it was marginally lower by 1 per cent in Delhi-NCR.

Responding to a question on the outlook for the real estate sector during a webinar, Baijal said that the pace of home sales is expected to continue in 2022 provided there is no severe impact of the coronavirus pandemic in the coming weeks and months. As per the annual data, home sales in Mumbai grew by 29 per cent to 62,989 units in 2021 from 48,688 units in 2020. Sales in Delhi-NCR grew 65 per cent to 35,073 units.

In Bengaluru, this figure increased by 61 per cent to 38,030 units, in Pune home sales increased by 38 per cent to 37,218 units. Chennai, Ahmedabad, Kolkata and Hyderabad also saw a significant increase in home sales last year as compared to the previous year.

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