2nd wave proves to be less damaging for residential realty

New Delhi: The first quarter of the previous fiscal (April-June) saw corona’s first wave wiping out the majority of sales in residential real estate in the country. But the second wave, falling in the same time period of this fiscal, has seen sales of 24,570 homes in the top cities of the country.

Only 12,740 homes were sold in the first quarter of the last fiscal. Mumbai and Pune accounted for as much as 46 percent of all housing sales in the April-June quarter of this fiscal.

As far as the new launches are concerned, realty companies put up 36,260 houses in the in the top 7 cities. Hyderabad emerged as the frontrunner in housing launches with about 8,850 units launched in the current quarter. Hyderabad was followed by Mumbai with around 6,880 homes and Bengaluru with about 6,690 houses, according to a report by ANAROCK. 

 "The second COVID-19 wave definitely impacted overall residential property market activity in the second quarter this year when juxtaposed against the preceding quarter. However, compared to the corresponding period of 2020, the sector displayed remarkable resilience. To the backdrop of developers adopting technology in their businesses, there was a huge yearly jump in both new launches and sales. Importantly, the localized lockdowns and restrictions did not dent activity as much as the complete nation-wide lockdown last year,” said Anuj Puri, Chairman - ANAROCK Property Consultants.