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Developers hope interest rates, stagnant prices to push for housing sales in 2021
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Experts feel that the mid-segment housing may take 6-8 months of 2021 to bounce back to pre-COVID levels due to the reeling market.
Agencies
Demand in 2021 is likely to recover to 2019 levels and may even surpass it if there are no unforeseen negative events.
NEW DELHI: The reverse migration, which led to the emergence of heightened demand for homes in tier 2/3 cities, demand for bigger homes and green complex with healthcare facilities, are some of the positives from 2020, according to real estate developers.
Developers said that the overhang of subdued demand from last quarter of 2019 continued into 2020 and with the COVID-19 pandemic induced lockdown in March, the sector went from bad to worse.
Housing sales recover in Oct-Dec from previous quarter; industry expects momentum to continue PTI
New Delhi: India’s residential real estate market seems to have bottomed out in 2020 and sales momentum that picked up during October-December is likely to continue through the next year to reach pre-COVID level or even surpass it provided there are no further unforeseen negative events, according to top property developers and consultants.
The prevailing low-interest rates on home loans, stagnant housing prices, discounts, attractive payment plans, the stamp duty cut by some States, and increased importance of homeownership amid pandemic are some of the factors that will drive sales during the next year, they added.
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