Residential sales in Q2 (April-June) 2021 increased by 83 per cent as compared to Q2 2020, across the top seven cities. According to JLL’s Residential Market Update - Q2 2021, released on Tuesday, sales were driven by the low base effect, less stringent lockdowns, and accelerating vaccination drives during Q22021, demonstrating improved resilience in the market.
By comparison, in Q1 2021, sales of residential units continued an upward trajectory, increasing by 17 per cent on a sequential basis. In the first wave of COVID-19, residential sales dropped by a record 61 per cent quarter-on-quarter to 10,753 units in Q2 2020. However, the impact of the second wave has been limited with sales in Q2 2021 dipping by 23 pc to 19,635 units.
Sales of over 45,000 residential units were recorded in H1 2021 as against 38,204 units in H1 2020, an increase of 18 per cent YoY. The sustained levels of residential sales present clear signs of demand and buyer confidence coming back to the market.
Siva Krishnan, Head - Residential, India, JLL said: Development focus on mid and affordable segments continued in H1 2021 with 72 per cent of the new launches in the sub Rs 10 mn category. Developers are likely to consider new launches of larger-sized apartments in order to capture changing consumer preferences.