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India’s real estate sector shows strong recovery after brutal Covid 19 wave in April-June period

Indian real estate shows strong recovery

Demand in the Indian real estate sector has shown a growth despite several challenges amid a brutal Covid 19 second wave.

According to real estate consultant Anarock Group, between January and September 2021, 1.63 lakh units of new residential supply were added across the top seven cities in India – 27 per cent higher than 2020 full year supply. As many as 1.45 lakh units were sold – 5 per cent higher than the whole of 2020.

“While this depicts a cumulative trend, the Indian residential real estate sector’s comeback after the 2nd wave in Q2 2021 was phenomenal, sharp V-shaped one,” Anuj Puri, Chairman – Anarock Group said in a statement.

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The real estate consultant also said that 80 – 85 per cent of homebuyers are now end-users while investors too have come to terms with realistic return on investments.

Interestingly, villas, farmhouses and second homes were in demand as buyers looked to purchase properties that offered superior social distancing and lower infection risk in less populated and greener environment. The demand for such homes was also driven by the increased work from home module.

The residential real estate sector in India experienced a slowdown during the April to June period of this year compared to the corresponding period in 2020 due to Covid 19 related restrictions.