Housing sales jump 60% in 2nd quarter over previous quarter of current fiscal

New Delhi: The sales of residential properties jumped a whopping 60 percent in the second quarter of the ongoing fiscal as compared to the immediately preceding quarter, staging smart recovery from the lows of the lockdown days.

The sales in the first quarter of the current fiscal was down 50 percent as compared to he same quarter of the previous fiscal, according to a report by ICRA.

Interestingly, the sales of under construction homes clocked a fall of 78 percent during the first half of ongoing fiscal( H1 FY2021). However, much lower drop of 29 percent was seen for advanced stage or completed projects.

The sales of 5BHK and other big formats of homes increased quite handsomely in the second quarter of the current fiscal.

In total, Mumbai, Pune and Delhi-NCR were the highest contributors to the nation wide sales figures in Q2 if the current fiscal. Another interesting factor which has come to light is the extent of recoveries and absolute level of home absorption remained at the lowest for Mumbai and Delhi NCR markets. These are also over-supplied markets and the high levels of inventory in these markets remains a concern, said the report.