Residential sales recover over 90% to pre-covid levels in Q1 2021: Report – ET RealEstate

NEW DELHI: Residential sales in Jan-March 2021 recovered to more than 90% of the volumes witnessed in Q1 2020 across the top seven cities, according to a recent report by JLL. The cities including Chennai, Hyderabad, Kolkata, and Pune surpassed the sales volumes of Q1 2020.

Mumbai has consistently been the largest contributor to sales in the last four quarters. In Q1 2021, Mumbai accounted for 23% of the sales, followed by Delhi NCR with a share of 21%, according to the report.

Kolkata saw the maximum increase in sales activity in Q1 2021 in comparison to the fourth quarter of 2020. In Kolkata, the offtake of residential units in Q1 2021 was driven by South Suburbs (Joka, Kasba, Behala, Jadavpur, Tollygunje) and East Suburbs (EM Bypass, Rajarhat, Topsia) with a combined contribution of more than 70%.

“There is a time extension to claim the tax holiday on profits from affordable housing projects until March 2022. The housing loan going below 7% for the first time in the last decade also triggered sales in all segments in the residential real estate. The buoyancy in the market manifested in the form of low mortgage rates and stable prices are expected to continue and attract fence-sitters and serious end users,” said Siva Krishnan, managing director, Residential Services (India), JLL.

New launches

The first quarter of 2021 witnessed new launches of 33,953 residential units, a jump of 27% over the last quarter of 2020. Hyderabad continued to dominate new launches and accounted for more than a fourth of the overall launches during the quarter. Bengaluru, which formed more than 16% of the new launches followed.

The markets of Delhi NCR and Chennai witnessed a substantial increase in launch activity during the quarter. New launches are still at 84% when compared to the pre-Covid levels of Q1 2020. Developers across the markets under review remain focused on the completion of under construction projects and clearing their existing inventory.

Development focus on mid and affordable segments continues in Q1 2021 with 69% of the new launches in the sub Rs 10 million categories. In the coming quarters, the focus on these price segments is expected to continue with developers trying to reap the benefits of strong pent up demand in these segments.

Most of the new launches in the markets of Bengaluru, Hyderabad, and Pune were in the sub Rs 10 million category Bengaluru-77%, Hyderabad-76%, Pune-100%, according to the report.

Unsold inventory

As new launches outpaced sales, unsold inventory at various stages of construction across the seven markets under review increased marginally from 462,380 units to 470,750 units.

Mumbai, Delhi NCR, and Bengaluru together account for 70% of the unsold stock. An assessment of years to sell (YTS) reveals that the expected time to liquidate this stock has increased from 4.2 years in Q4 2020 to 4.6 years in Q1 2021.

As developers continue to focus on recovering the volumes lost amidst the pandemic and gaining a foothold in their respective markets, prices are expected to be largely range-bound across most of the markets in the short-term, the report said.

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Ambuja Neotia and Hiland Group to jointly develop 20 acres of land in Kolkata – ET RealEstate

NEW DELHI: Ambuja Neotia Group and Hiland Group have joined hands to develop 20 acres of land in Kolkata. While the first 10 acres of land is situated along the Golf Course, the other 10 acres of land is near the Calcultta Riverfront.

Two residential projects having development potential of 2 million sq ft each will be constructed.

Bata India was the landlord of both land parcels. ANAROCK Property Consultants‘ land division has helped facilitate the deal of both land parcels, it said in a media release.

Along the golf course, the two groups will develop 12 residential towers (G+13) comprising of approx. 2,000 units in 2 & 3 BHK configurations. The Riverfront project is currently being planned and further project specifications will be announced soon.

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HIDCO to engage consultants to develop affordable housing in Kolkata’s New Town – ET RealEstate

KOLKATA: The Housing Infrastructure Development Corporation (Hidco) plans to engage a consultant to prepare architectural design along with detailed estimate and bid documents to set up affordable housing of LIG and EWS category on about 7.6 acres in New Town.

Officials said that the authorities have been taking up work of various types of construction in New Town under the Smart City Mission project and that developing housing schemes is one of the features of a Smart City to cater to the need of affordable housing.

β€œThe plan is to provide EWS and LIG housing in large numbers to become inclusive, vibrant and affordable to a large section of people for which an area has been earmarked in Action Area- IIC,” said an official.

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West Bengal to regularise all colonies on central, private land – ET RealEstate

KOLKATA: The state cabinet on Tuesday approved a proposal to regularise all refugee colonies set up on land owned by the Centre and private agencies across Bengal in the past four decades.

The objective is to ensure that these settlers get land pattas and can avail of various licences and facilities extended by the state government, which has already regularised colonies on its land.

β€œThe cabinet has decided to recognise all refugee colonies. We have already regularised 94 and given away related documents to the owners. We are looking at refugees from Kakdwip and Namkhana to Darjeeling. At least 119 are under process and plot by plot are being handed over to the owners,” chief minister Mamata Banerjee said after the meeting.

The state government has already given pattas (long-term settlement rights on government land) to 3.5 lakh families since it came to power in 2011

In Bengal, there are 94 refugee colonies on state land and 237 such colonies on central government and private land, where some 1.5 lakh families, who had crossed over from Bangladesh 40-50 years ago, reside. The state regularised the 94 colonies on its own land last fiscal.

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