Residential sales in the quarter ended September indicate that the worst could be over for the real estate sector, and the festive season could see sales further picking up, Anuj Puri, Chairman, Anarock and MR Jaishankar, CMD at Brigade Enterprises, said in a discussion on the property market trends, on CNBC-TV18.
The September quarter has witnessed real estate launches and sales at 80 percent and 65 percent of pre-COVID levels respectively, said Puri.
Real estate demand in Mumbai has picked up, and it is now at 75 percent of pre-COVID levels, Puri said, adding that Bengaluru was almost back to pre-COVID levels.
However, Kolkata, Pune and Hyderabad are still suffering in terms of demand, he said.
In terms of prices, realty prices in Bengaluru have risen marginally whereas they have declined by 5-15 percent in majority of the cities. “Developers are quite okay with that as long as the inventory is moving fast,” Puri noted.
“I am quite pleased to say that the sales volume – as far as Brigade Enterprises is concerned – in July-September is matched or are marginally more than the pre-COVID level, it has reached 100 percent of the pre-COVID level sales,” said Jaishankar.
The reason, according to Jaishankar, is that the customers have realised that this is the best time to buy realty because the prices are at its lowest.
(Source: CNBC TV18)
