Third Wave Puts A Pause On Home-Buying Spell In India

The pandemic’s third wave has harshly stained real estate sales in an intense turn of events for India’s real estate industry that obtained a strong rebound in sales last year. 

The March quarter is deemed a seasonally powerful period for residential properties sales, helping provide the last-minute push to developers for meeting their annual sales goals. 

In 2021, the top seven Indian cities sold around 236,000 units. Housing sales in the December quarter exceeded 90,000 units, surpassing 28 quarters. 

Several factors helped housing sales touch a new thrill, knocking over overall residential inventory overhang across the top cities. 

Boman Irani, the president-elect of Credai National, said that the sudden impact of the virus has led to people not stepping out due to the fear facet. He stated that January will be slow but by March, it will dwindle and they will close the quarter successfully. 

Top developers are currently preparing for new launches in 2022, hoping to continue last year’s sales pace. 

The January-March period is favorable for sales, but there is hesitation involved. However, virtual meetings have improved by 30-35%, and real estate is expected to pick up soon as stated by Vikas Chaturvedi, CEO, Xanadu Realty.