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190 Economic Survey 2021-22

Hyderabad, Thane, Mumbai, Kolkata, Pune and Bengaluru over the pre-pandemic level, and the
housing prices decreased in Delhi, Noida and Ranchi. Similar trends were also visible during
the second COVID-19 wave over the pre-pandemic level. The housing prices in cities such as
Ahmedabad, Hyderabad, Gandhinagar and Ranchi continued to increase despite the COVID-19
shocks.

Figure 21A: Change in housing transactions in Figure 21B: Change in housing prices index in
Q1 FY21 (First COVID-19 wave) and Q1 FY21 (First COVID-19 wave) and
Q1 FY22 (Second COVID-19 wave) over the Q1 FY22 (Second COVID-19 wave) over the
pre-pandemic levels of Q1 FY20 pre-pandemic levels of Q1 FY20

Second Wave (April-June, 2021)
Second Wave (April-June, 2021)
First Wave (April-June, 2020) First Wave (April-June, 2020)
Transaction change from April-June, 2019 (in per cent) Price change from April-June, 2019 (in per cent)
-100 -50 0 50 -20 -10 0 10 20 30 40
Mumbai -83.6 17.0 Gandhinagar 18.3 25.8
Gandhinagar -82.8 -29.7 Ahmedabad 16.5 21.3 28.9
Ahmedabad -79.8 -0.3 Hyderabad 4.6 12.3
Ranchi -74.4 -62.0 Thane 0.0 8.3
Delhi -72.4 -26.0 Mumbai 6.7
7.5
Chennai -72.2 -14.2 Kolkata 3.7 6.5
Pune
5.6
Thane -72.0 23.3 Bengaluru 5.3
Pune -66.9 29.5 Chennai 0.0 2.7
0.0
Kolkata -64.5 -0.9 Ranchi -0.8 5.9
-3.1
Noida -38.1 8.0 Delhi -4.2
-6.0
Hyderabad -37.6 37.9 Noida -8.5
Bengaluru 1.4 40.2

Source: NHB

5.38 Between two COVID-19 waves, from June 2020 to April 2021, housing transactions
recovered swiftly, as quarterly purchases crossed even the pre-pandemic levels for all the selected
cities (Figure 22). This boost in housing demand is possibly because of pent up demand and
measures taken by the government to increase affordability. The number of unsold residential
units have also witnessed significant drops during the second wave of the pandemic.

Figure 23 shows carpet area prices by size of residential properties in selected cities.

Figure 22: Recovery between COVID-19 waves reflected in record count for 12 major cities

Delhi Mumbai

100 8,000 115 15,000
98 6,000 110 10,000
96 4,000 105
94 100 5,000
92 2,000 95
90 0 90 0
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

Composite Index Record Count (RHS) Composite Index Record Count (RHS)