As we end the third quarter of 2021, the Indian real estate sector has responded positively with a surge in sales volume. In a collective relief, both the residential as well as commercial real estate sector has achieved a significant leap to add more confidence as we step into the last quarter. In the July September quarter, the homes sales across eight prime markets has breached even the pre Covid levels with 92 percent year on year growth in sales. Driven by better demand thanks to the eventful bouncing back of the economy to normalcy, the commercial real estate sector also seized its growth momentum by consuming 12.5 million square feet across eight major cities.
As per Economic Times reports, the surge in home sales is attributed to the stable property prices, low mortgage rates and the upswing of the economic activities after the rolling out of Covid-19 vaccines. The Q3 home sales in 2021 increased to 64, 010 units from 33, 404 units in the same period last year. The commercial real estate surge was mainly driven by the surge in demand from the business ecosystem as the corporate community slowly returned back to office following the relaxation of Covid 19 protocols. The office spaces leasing were 4.7 million square feet in the Q3 2020 and it has now multi folded to become 12.5 million now.