House Sales Will Rise Over the Next Six Months

Frank-FICCI-NAREDCO says that residential sales would rise over the coming six months

The Real Estate Sentiment Index- a survey conducted by Frank-FICCI-NAREDCO says that residential sales would rise over the coming six months, which is a positive sign for the residential segment. Moreover, the survey findings also suggest that the office leasing activity would increase over the next six months, 60 percent of the Q4 2020 survey respondents, up from 47 percent in Q3 2020,

Also Read: Residential Property Sees Sharp Recovery in Q2 FY21 with 60% Sales Growth, Says ICRA

Eight major Indian metro cities- Chennai, Mumbai, Kolkata, Hyderabad, National Capital Region (NCR), Pune, Bengaluru, and Ahmadabad will witness pent-up demand of residential properties. The sales of residential units reached pre-Covid levels at 61,593 units in the December 2020 quarter (Q4’CY20) and the sentiment is likely to improve further.

The data mentioned that these metro cities recorded total sales of 61,467 units in 2019 and the numbers have increased to a certain level. According to the survey outcomes, the residential sector position was also supported by the low home loan interest rates, increased demand, reduction of stamp duty, and affordable property prices.

Dr. Niranjan Hiranandani, national president - NAREDCO and ASSOCHAM and Founder & MD, Hiranandani Group said, "The residential market outlook has revived further in Q4CY20, across all parameters, reflecting the increased traction in this segment. The impact of renewed consumer demand for residential realty has resulted in high levels of registration data, these transactions have lifted market sentiment"

The future sentiment score also shows an improvement. It is believed to rise to 65 in (Q4'CY20) from 52 in (Q3'CY20, echoing the fast and strong recovery expectations prevailing in the market.  The survey also shows West India gets the highest jump in the Future Sentiment Score.

“Both the Current and Future Sentiment scores in Q4'CY20 have seen surge backed by the revival in both residential and office market. As we begin our journey into 2021 with a positive outlook, it is important to closely watch the performance of key economic indicators in the coming months to check the sustainability of the growth. Equally crucial is the development of the vaccine and its widespread availability for the masses. These two factors will largely determine the performance of the real estate sector in the coming months,” said Shishir Baijal, chairman and managing director at Knight Frank India.

The Real Estate Sentiment Index is a quarterly assessment that includes private equity funds, banks, supply-side stakeholders, and non-banking financial companies (NBFCs). According to this survey, a score of 50 indicates a neutral situation, while a score below represents a negative sentiment and a score above 50 demonstrates a positive sentiment.

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