Despite the continuing COVID-19 pandemic, residential home sales aggregated to 35,132 units during the third quarter of 2020, an increase of 85 percent over the previous quarter. The growth can potentially be attributed to pent-up demand due to the prolonged lockdown across the country, a report by real estate brokerage firm PropTiger.com said. Compared to the third quarter of 2019, there was a significant decline of 57 percent year-on-year across eight major cities, the report said. During July-September 2019, sales of residential properties across eight cities stood at 81,886 units. New supply grew almost 60 percent on a quarter-over-quarter basis, with 43 percent of the 19,865 units launched coming in through the affordable housing segment. However, on a year-over-year basis, launches showed a significant downward trend declining by 66 percent, the report, titled Real Insight Q3 2020, found. Recovery in the fourth quarter is likely to continue and new launches will continue to take place in early part of next year, the report said.

(Moneycontrol)