Housing sales rise 51% in top-8 cities in 2021

New Delhi: Housing sales across top eight cities rose 51 per cent last year, even as the office market continued to slump due to the Covid pandemic with gross leasing witnessing a three per cent fall, according to Knight Frank India.

Housing sales increased to 2,32,903 units during last year, from 1,54,534 units in 2020, but demand was down 5 per cent from the 2019 pre-pandemic levels and 37 per cent lower than the 2011 peak numbers. In the office segment, the gross leasing of office space fell to 38.1 million square feet in 2021, from 39.4 million square feet in the previous year, due to the adverse impact of the second wave of the Covid pandemic. The demand is much lower than the record 60.6 million square feet achieved in 2019.

Releasing its report 'India Real Estate: 2021', property consultant Knight Frank India said: "In an extraordinary year marred by the pandemic and lockdowns, the real estate sector showed great resilience in 2021." Housing sales in the second half of the last calendar year witnessed the highest volume since the first half of 2016. "Despite the disruptions caused by the pandemic, residential sales momentum increased across the key eight markets of the country due to a plethora of demand stimulants such as lowest home loan rates, government sops and change in attitude," Knight Frank India CMD Shishir Baijal, said. Strong market sentiments should continue to aid market volumes in the near-term, he hoped.