NEW DELHI: The MMR (Mumbai Metropolitan Region) led India’s housing market by a huge margin in 2021 while Hyderabad, which has fast emerged as a global IT city, witnessed steepest increase in sales last calendar year.
Housing sales across top 7 cities rose 71% Y-o-Y in 2021 with approx. 2.37 lakh units sold, thus reaching 90% of pre-Covid 2019 levels, according to data shared by real estate consultant Anarock.
MMR recorded the highest sales at 76,400 units, followed by NCR (national capital region) with approx. 40,050 units sold.
Housing sales in MMR grew by 72% Y-o-Y, but the same grew by a whopping 197% in Hyderabad to 25,410 units as against 8,560 units sold in 2020.
While low interest rates and discounts/offers given by developers helped the overall sales, it was government incentives like Maharashtra’s stamp duty cut that gave a big push to sales in the state.
According to sector experts, robust supply and affordability factor drove sales in Hyderabad. New launches in Hyderabad during CY 2021 grew by 144% Y-oY to 51,470 units and was only second to Mumbai’s 56,880 units.
Housing sales in NCR grew by 73% from 23,210 units in 2020 to 40,050 units in 2021while Pune sales increase of 53% from 23,460 units in 2020 to 35,980 units in 2021.
In Bengaluru, housing sales grew by 33% from 24,910 units in 2020 to 33,080 units in 2021. Chennai saw a hefty 86% increase in sales from 6,740 units in 2020 to 12,530 units in 2021 while Kolkata saw an 83% increase in sales from 7,150 units in 2020 to 13,080 units in 2021
“Despite the pandemic, 2021 was a fantastic year for the Indian housing sector,” said Anuj Puri, Chairman - Anarock Group.