In terms of sales, 2021 has been great for the developers. In spite of the second wave of the Coronavirus pandemic, there was a 67% jump in sales in the residential real estate sector in the first half of 2021. Aditya Kushwaha, CEO and director, Axis Ecorp, believes this momentum will continue in the coming months and there will be a 30%-35% increase in sales. He points out that the market has had its share of ups and downs post the pandemic and the festive season, which starts from October, will bring cheer to the segment.
“Factors such as low bank interest rates, stamp duty cuts in some states and demand for larger/spacious homes to accommodate remote working, have been instrumental in driving sales in this sector. Certain sectors such as holiday homes, luxury homes and affordable housing will continue to outperform. We believe that the luxury housing market and the holiday home market will get a good boost during festive times. However, the mid-segment residential market may continue to be shaky even in the last quarter of 2021,” says Kushwaha.