Truecaller Has Announced 250 Million Monthly Active Users Globally

Truecaller announced today that they have reached the landmark of 250 million monthly active users and 200 million daily active users. While these are global numbers, India continues to be the company’s home market with a majority 185 million monthly active users and over 150 million daily active users. Since the beginning of the year, Truecaller has increased its active users with more than 40 million users despite the pandemic.

Headquartered in Stockholm, Sweden, with offices in Bengaluru, Gurgaon, Mumbai and Nairobi, Truecaller is a service that is loved by hundreds of millions of people around the globe for accurate spam detection, fraud prevention, SMS filtering and caller ID. The free and ad-supported version of Truecaller continues to be the most popular choice among users because it does not place any restriction on the number of calls it will identify or the amount of spam it blocks.  

Commenting on achievement, Alan Mamedi, CEO and co-founder, Truecaller said, “Truecaller was built with the vision to make communication more effective for everyone and this is what has fueled this spectacular growth over the years. This vision started with caller ID but now also offers so much more including SMS blocking and even digital loans. We're on an exciting journey to take Truecaller to the next level, and we are humbled by the trust our users have shown in us.”

About Truecaller:

People use Truecaller to stay ahead. It helps them know who’s getting in touch, filter out unwanted calls and SMS, and focus on what matters. The company provides a suite of unique services such as a dialer that offers caller ID, spam detection, messaging and more. Truecaller’s mission is to build trust everywhere by making communication safe and efficient. Headquartered in Stockholm, Sweden, the company was founded in 2009 by Alan Mamedi and Nami Zarringhalam. Investors include Sequoia Capital, Atomico and Kleiner Perkins.

Paytm Mini App Developer Conference: Together Towards the Next Digital Revolution, Announcing ₹10 Crore Grant

 

Today, we are excited to embark on a new journey. A journey we hope will empower India’s indigenous developers to build the best digital solutions for our country.

Our first step on this journey began this morning with the Paytm Mini App Developer Conference — an online event that brought together some of the best minds in the technology space. It is here that we showcased our recently launched “Paytm Mini App Store” to the developer community and outlined our vision for a self-reliant Indian app ecosystem.

Announced recently, the Paytm Android Mini App Store provides listing and distribution of custom-built mobile web apps based on open source technologies like HTML & Javascript, offering a seamless app-like experience to users.

For payments, developers will have the ability to give users a choice between Paytm Wallet, Paytm Payments Bank, UPI, net-banking and Cards. Connecting with Paytm’s digital ecosystem will not only enable them to reach our 150 million monthly active users, but also help them scale their product by utilizing our suite of analytics and marketing tools.

Overwhelming Response from the Developer Community

We are delighted to share that today’s conference received a very encouraging response from the developers community, as over 5,000 developers from all corners of the country including Latur, Thrissur, Udaipur, Indore, Vadodara, Reeva, Dewas, Kochi, Farrukhabad, Ramgarh, Nashik, Patna & Aurangabad expressed their interest in being a part of the Paytm Mini App programme.

Buoyed by their enthusiasm, our Founder & CEO, Vijay Shekhar Sharma was happy to announce ₹10 Crore for developers and startups building innovative products and digital services for India.

“We are committed to developing a technology ecosystem that champions the innovations of Indian developers. We are not just backend developers, India developers can build the best apps in the world. Today, we are announcing a ₹10 crore investment fund for Mini App developers in the country. A 10 Crore equity investment with some of the most lenient investment terms that you can expect. An encouragement for our developers to port their apps or create new ones for the mini app platform.”

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The Paytm Mini-App Advantage

1. App Discovery via Paytm Homepage

Paytm Mini App Store offers direct access, discovery, browsing, and payment experience of auto-updated versions of all Mini Apps on its platform. It has more than 20 discovery points within the Paytm app with dedicated brand icons that allow users to easily access all the Mini Apps. Users also have the option to pin their favourite apps as shortcuts on their phone’s home screen.

2. Opening up technology with no developer account fee

We firmly believe that if app developers are charged a fee of 30% or more, the overall cost of their product & service will increase. This will in turn impact the price of the final product for the end-user as well, hampering the growth of the entire ecosystem and putting a roadblock in our country’s vision of Aatmanirbhar Bharat.

Developers spend a lot of money & resources to build their apps and then marketing them. Therefore, we have decided to not charge anything for listing their app on the Paytm Mini App Store. For payments, developers have a choice of Paytm Wallet, Paytm Payments Bank, UPI, net-banking and Cards to their users. By opening up our platform, we wish to encourage developers of all kinds and backgrounds to work towards the benefit of our country.

3. Data remains with the Developer

At Paytm, privacy and data security is paramount. The Paytm Mini App platform comes with this very assurance — your users’ data is completely safe. Paytm does not have access to it at any given time.

4. Grow your Mini App user base

Developers can leverage Paytm’s promotion engine to run targeted campaigns by building cashback, coupon, discount, and loyalty programmes that increase customer acquisition, conversion and retention with personalized incentives. Paytm also offers growth tools including gamification and offers to reward their users. In order to directly engage with customers, developers can use the option of app notifications built within the mini apps digital architecture.

5. Paytm’s Payment Gateway integration for frictionless checkout 

Through our Mini App Store, accepting payments is completely seamless, fast, and secure. Paytm’s Payment Gateway integration allows a one-tap payment facility to all apps. Users have the power to pay from all digital payment methods including Paytm Wallet, Paytm Payments Bank Account, UPI as well as the largest repository of 110 million saved cards.

We also offer powerful solutions for recurring as well as pre-authorised payments which are extremely useful for subscription-based apps. Our next day bank settlements also help developers maintain a healthy cash flow.

Shreyas Srinivasan, Head — Paytm Mini Apps said, “The basic challenges for app developers in India have remained the same.You need to figure out what to build, how to build it- whether native or as a web application, and finally, how to get it discovered. We have been working really hard to make our Mini App Store available to all Indian developers. Our country is at the cusp of a massive digital revolution and we aim to democratize building apps and publishing them for all of you. We want to encourage our country’s immensely talented developers to participate in our program and build innovative digital products.”

He further added, “Our newest offering lets app developers take care of all these problems, and just get down to what they do best- Create. Initial response from developers who have already used the new mini app platform to create or upgrade their digital business, speaks for itself.”

Vikas Chauhan, Co Founder of 1mg, India’s largest digital health platform said, “The Paytm Mini App Store is really a thoughtful and structured program. The on-boarding process is seamless and it took us only a few days to get listed on the platform. We are proud to be the initial partners in this noble initiative.”

Sameer Sharma, Founder Uengage, a Business Management app said, “I see Paytm Mini App Store as a huge opportunity for companies like ours because it is a simple and low-cost model. When we launched our own mini-app, it was a pretty smooth experience and took us less than 2–3 days. We will be onboarding at least 50 new mini apps within the first month and be able to add more value to our partner’s ecosystem.”

Vijay announced his commitment to sign up as many developers as possible, across cities. In a candid, free-wheeling chat, other luminaries of the startup world also lauded Paytm’s endeavour.

Murugavel Janakiraman, Founder & CEO, Matrimony.com said, “Google’s tax is like a distributor asking for 30 percent of the sales revenue as a cut. Today, we are all at the mercy of Google. We don’t know when they will remove the apps, based on some policy that they decide. What Paytm has started is a freedom movement. The Internet in our country is controlled by Google and we all are at its mercy.

Sundar Ramaswamy, Partner, KPMG in India has Been Selected as Member to the HITRUST Asia Advisory Council

The Council is comprised of Asia-Pacific-based companies and HITRUST® to represent a wide variety of organisations supporting global information protection efforts. The members will serve a two-year term on the Council and leverage their diverse expertise to provide valuable insights and make recommendations to HITRUST regarding information security and privacy.

The Council was created to ensure that HITRUST remains current and relevant to the needs of the HITRUST community in Asia-Pacific countries, continuing to expand the vision of One Framework, One Assessment, Globally™. Sundar Ramaswamy from the firm will serve a key role on the Council, regularly interacting with HITRUST to share challenges and opportunities relating to HITRUST service offerings, regulations, and compliance in the Asia-Pacific region.   

Sundar is a Partner with the Advisory Practice at KPMG with over 22 years of overall professional experience and is the national service line leader for IT Attestation practice. He has extensive experience in information security and systems audits, SOX compliance and IS risk and governance.

“We look forward to working with the new members of the Asia Advisory Council,” said Jason Taule, Chief Information Security Officer and Vice President of Standards, HITRUST. “Being selected to this group is a testament to these individuals and their organization’s extensive experience in security, privacy, and risk management, as well as a keen understanding of security and privacy laws and standards relevant to organizations conducting business in Asia. We look forward to their input and participation as we deliver on our commitment of One Framework, One Assessment, Globally.”

About KPMG in India

KPMG entities in India, are professional services firm(s). These Indian member firms are affiliated with KPMG International Limited. KPMG was established in India in August 1993. Our professionals leverage the global network of firms, and are conversant with local laws, regulations, markets and competition. KPMG has offices across India in Ahmedabad, Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, Noida, Pune, Vadodara and Vijayawada.

KPMG entities in India offer services to national and international clients in India across sectors. We strive to provide rapid, performance-based, industry-focussed and technology-enabled services, which reflect a shared knowledge of global and local industries and our experience of the Indian business environment.

Online Education is Checkmate for Private Universities: Mayank Kumar

 upGrad, India’s largest online higher education company is ready to offer 15 million youngsters with its diverse portfolio of online programs that provides relevant skillsets and prepares a future-ready workforce. These online programs are offered in partnership with renowned national and international universities, which are now looking at online education as a viable option for delivering pedagogy.

India Skills Report 2020 has pointed out that the country is experiencing a massive skill gap where 65-75% of the 15 million youngsters entering the workforce every year, lack requisite skills and are not ready for new-age jobs. Moreover, upGrad draws inspiration from the findings of L.E.K. Consulting’s India Edtech Survey (2020) that shows, both, existing and new users of online learning in the higher education and upskilling segment demonstrated high satisfaction and a higher likelihood to continue its usage post COVID-19.

In link with the L.E.K. survey, Mayank Kumar, Co-founder and MD, upGrad said: “With the growing popularity for online education, it seems the new e-learning model will soon checkmate private universities for its better pricing, and wider accessibility that it offers. The current situation demands for a highly skilled workforce that will help the economy to bounce-back from the repercussions of the pandemic. The only way to enable individuals with the new-age skillsets, is through online learning.”

“Actionable insights, such as L.E.K.’s recent survey explaining the existing skill-gap, is a vital tool for companies like upGrad to evaluate and design outcome-oriented offerings,” he added.

Danish Faruqui, Partner at L.E.K. Consulting’s Global Education practice added, “There are over 350 private universities in India and more than 200 of these were established over the last seven years. Despite a low-quality offering, a majority of these universities have survived as ‘rent-seekers’. Many students turned to these higher education institutes, due to a lack of access to better quality education. The onset of online providers will impact these universities significantly.”

“This trend represents a significant opportunity for online degree providers. Advantages like access to high-quality content at a reasonable price-point, partnerships with better quality universities and services will continue to expand the footprint of online providers, such as upGrad”, said Faruqui.

upGrad offers a plethora of industry-relevant online programs in partnership with top national and international universities for seasoned professionals and first-time job seekers. In a recent move, the edtech major announced affordable online higher education for individuals across India, wherein any learner would be able to start university-certified Degrees, Certificates and Diplomas, at an initial payment of INR 10,000 per month. To further support the initiative, upGrad is also providing easy financing options in partnership with the leading EMI partners, to enable India’s workforce to face the increasingly competitive job market. It also brings Global MBA programs in partnership with the renowned Deakin University and Liverpool John Moores (LJMU) at 1/10th of the offline cost, without requiring professionals to quit jobs or move out of their comfort zones.

About upGrad:

upGrad is India’s largest online higher education company. Founded in early 2015, upGrad has impacted almost 0.9 million individuals globally, within a short span of 5 years.

upGrad provides online programs in the areas of Data Science, Technology, Management and Law to college students, working professionals and enterprises. These programs are designed and delivered in collaboration with top-notch universities like IIT Madras, IIIT Bangalore, MICA, BIMTECH, NMIMS Global Access, Jindal Global Law School, Duke CE, Deakin University, Liverpool John Moores University and others. 

With an 80% program completion rate, robust tech platform, outcome-based learning approach, industry-relevant curriculum, finest university credentials, strong mentorship, and steadfast placement support, upGrad has established its position as the leader in the Indian education system.

IIIT Bangalore and upGrad's PG Diploma in Data Science is India’s first-ever PG Diploma, with over 10,000 alumni & learner-base, to be recommended and validated by the NASSCOM and is aligned to Government approved National Occupational Standards (NOS). upGrad has ranked No.1 in the #LinkedInTopStartups India 2020 list. This is the third time in a row that upGrad has been featured in the #LinkedInTopStartup list after 2018 and 2019. upGrad made it to the GSV Global EdTech 50 List 2020. upGrad has been awarded the title of ‘Best Tech for Education’ by IAMAI in 2019. upGrad received the ‘Best Education Brands’ award by Economic Times in 2018, and the Most Innovative Companies in India' by Fast Company in 2017.

A Little For You Could Be a Lot For Another, So Let’s #BanTheBargain

Statements like these and many other similar ones would sound familiar to most who have shopped for their daily groceries, vegetables & fruits from local vendors. Chances are you’ve been one to bargain as well, unknowing of the consequences for the street vendor. The negative impact of the pandemic has been deep and long-lasting on the country’s economy. It has also resulted in countless job losses across industries, but it has been particularly brutal for the unorganized and self-employed workforce. While street vendors are striving to get their lives back on track, a prevalent social-evil has been constantly lurking over their shoulders – Bargaining.

According to a social media survey of over thirty thousand participants, conducted by Colors Infinity;

* 60% confessed they’ve witnessed a family member or friend bargain almost every time they shop at local vendors

* A whopping 70% of the people consider bargaining a matter of pride

* 8 out of 10 accepted they’d bargain with street vendors but wouldn’t even consider bargaining at stores in a shopping mall

* While 70% wouldn’t hesitate to ask for free veggies while shopping at the vendor

Shocking right?

* While bargaining might save us just a little, it greatly affects the livelihood of the vendors and their families. Picking up the baton, Colors Infinity hopes to spread awareness about the repercussions of public bargaining practices through a new social media campaign – #BanTheBargain.

Talking about the initiative, Navin Shenoy – Head of Marketing, Youth, Music and English Entertainment, Viacom18, said, “Customers bargaining with street vendors is a not a new phenomenon, but the effects of bargaining are more severe now due to the pandemic. Understanding the plight of our local vendors and avoiding bargaining for a small sum will go a long way in helping them stay in business and sustain livelihood for their families. Through #BanTheBargain, we’re trying to reach out to the general populace, and in a light-hearted manner communicate the message.”

#BanTheBargain campaign encapsulates its message through a satirical series of comic strips, goading videos, sarcastic PSA posters, and a thought-provoking conversation with some vendors that are truly affected by bargaining. Culminating with an appeal to the audience to take pledge of not bargaining.

Navin further added, “Our team has taken the pledge to not bargain with street vendors, we hope others will realize the importance of supporting our campaign and follow suit.”

ABOUT COLORS INFINITY:

COLORS INFINITY is Viacom18’s English General Entertainment Channel, under the flagship brand COLORS. Bringing a new horizon to English Entertainment in India, COLORS INFINITY will showcase internationally acclaimed television series spanning genres such as Drama, Superheroes, Comedy, Fantasy, Crime and Thrillers from major studios like Warner Brothers International TV, NBC Universal, Sony Pictures Television, Twentieth Century Fox, Lionsgate, MGM, BBC and Endemol Shine amongst others, and reality shows ranging from Dancing, Cooking, Magic, Singing & other lifestyle interests. The channel is also the host for the biggest global Live Events & Award shows, as well as premium biopics, mini-series Documentaries and much more. COLORS INFINITY aims to appeal to the neo-urban viewer and open-up a wider market by breaking the English language barrier. The channel is Available across DTH & Digital cable platforms, the channel will be aired in SD as well as 1080p HD format with Dolby 5.1 Surround Sound. 

Let’s Live, Love, Laugh with Live.Able – A New Brand of Health and Wellness Products Launched by MAISON D'​ AURAINE

MAISON D'​ AURAINE, a conglomerate with a bouquet of the most revolutionary, innovative, premium and luxury brands in the hair, beauty & personal care under its umbrella launches the new brand Live.able. The new line is a curated line of Avant-grade progressive solutions that aims to improve the 360-degree environment for human race.

The global pandemic has led to a change in the attitudes of consumers around the world. There is a steady growth in the launches of products with ‘clean’ claims and there is also high usage of hygiene products among the older age groups. In such an environment the consumer today is likely to reconsider stepping out, travelling, staying at the hotels and protective hygiene has become a must have rather than beauty essentials. Live.able comes with a mission to transform the current and future generations keeping hygiene, sanitation and health at the very forefront. With a philosophy of “Lets Live, Love, laugh”, the brand aspires to inspire millions of men and women globally to live full, live well and LIVE. ABLE”. From making homes, and surroundings germ free to boosting immune system and body’s defence mechanisms, fight off illness to promoting wellbeing of all age groups to products that will improve confidence and shape personality, Live.able is here for the overall wellbeing of their end users.

Leveraging the spirit of innovation, Mr. Arpit Jain, the Founder and Manging Director at MAISON D'​ AURAINE said, “The world is changing more rapidly than ever, and consumer preferences will continue to shape with the time to come. With the launch of Live.able we aim to provide products and solutions that aid good health, hygiene, wellness, and fast innovation. Our products are futuristic and use modern principles along with being made from ethically sourced ingredients that truly empower people to live happy and stay healthy.”

Under the brand umbrella of Live.able, Virusbloc is a line of products that Kills 99.99% of Virus & Bacteria around us keeping us and surroundings clean, safe and hygienic. Virusbloc kills the bacteria in simple, efficient and environment friendly ways. Virusbloc makes disinfection extremely potent and practical and keep our environment safe. Efficacy of all the products are backed laboratory reports and testing is done in a lab which has global footprint and is very well recognized.

Virusbloc presents a multi-dimensional line of products that varies from self-use germ protection-based Sanitizers and body care to powerful Korean UV-C led tools to disinfect your environment.

As lockdown is easing up and everyone is out and about, there could be a rise in transmission of COVID-19 through different surfaces. Everyone would want to disinfect their new purchases as they bring home groceries/ White Goods/ Jewelry or other items. To solve this concern, Maison D’ Auraine has introduced Live.able VIRUSBLOC range of UVC WAND and UVCBOX. Once an object is Exposed to VIRUSBLOC WAND or VIRUSBLOCBOX, the device will kill all types of viruses/pathogens from all sides, ensuring each side and surface gets the UVC radiation. Retail Malls/ Hotels/ Hospitals may be asking their customers to sanitize their hands while entering premises their clothes and accessories don’t get sanitized. With our VIRUSBLOC WAND you can make them Virus Free up to 99.99%

VirusBloc Box and VirusBloc Wand:

* 2 extremely effective and transformative Clinically proven devices that kill and destroy DNA of all virus & bacteria including H1NI Influenza, Hepatitis, Rabies, HIV, Bacteria, pathogens in just under one and half minute.

* They are powered by new generation Korean UVC based LED beads that produces 270-280 NM of UVC radiation sterilizing and disinfecting and becomes your first line of defence against microbes and virus.

* Targets: Avid travellers, Corporate workers, Fitness/Gym members, Make up & Salon professionals, Retail, Co-working spaces & Home consumers

Virusbloc Protection Spray (Sanitizer Spray):

* A360 Degree Protection Spray that goes with you wherever you go. A versatile Spray that can be used on hands and body, on hard & soft surfaces and even on air around you.

* It has clinically proven anti-viral & anti-bacterial action and kills Virus & Bacteria within 30 seconds of its contact.

* Made of our patented “Botanica GPE” (70% Organic Extracts), in combination with scientifically proven ethically sourced ingredients like Jojoba Oil, Methanol Free alcohol, Lactic Acid, Vanilla beans

* This spray also has a strong moisturising soft effect on your skin. It’s a must have Dailyon-the-go companion.

* Ethically made with green science and has proven virus killing action.

Virusbloc Protection Wipes: 

* Unlike Standard wipes with only cosmetic effects, these carefully crafted Anti-Microbial, biodegradable wet wipes are made of 100% viscous fabric and have immediate germ-killing action.

* They can be used on body or surfaces &contain same patented formula as VirusBloc Spray with70% organic extracts and hence can be used even by kids. Smells like Vanilla with strong notes of Bergamot. Ethically made with green science and has proven virus killing action.

Virusbloc Handwash, Body Wash:

* Clinically Proven Anti-Viral, Anti-Bacterial Effect.

* 70% OrganicExtracts. Vegan, CrueltyFree, Parabens Free, Sulphate Free, No Synthetic Dyes, No petroleum. Green science, high efficacy.

* An unparalleled experience that keeps you safe and germ free and pampers your skin with perfect dose of hydration and velvet like softness.

Zero Sweat Cream:

* A vegan solution that solves sweat problems in hands and feet for hours. It creates a barrier to the sweat glands preventing sweat from appearing on the surface.

* A non-greasy formula, that doesn’t stain or dry your skin and doesn’t feel sticky all day long. Dermatologically tested, totally safe and you can use it as many times as you want.

* Targets sport’s athletes, fitness enthusiasts, drivers, gamers, corporate workers

Heal – A line of Revolutionary Dietary Supplements-

* Heal is  a line of naturally active, effective and scientifically proven health supplements.

Using    proven  blends  of Enzymes, Probiotics and other Nutraceuticals our aim is to enhance the wellness and quality of life through science centred solutions that are Soy Free, Gluten Free, Preservative Free, no additives, no flavourings,  and sweeteners. Organic & vegan where possible.

* Always cruelty-free, Environmentally friendly & ethically sourced.

Green Science, high efficacy for a healthy living

Therapeutic & Clean Water-

* Our Elixirs-Gemstones Water Bottles make Crystal-infused water working with the healing energy of crystals and gemstones. When pure water is infused with crystal vibrations, it is then charged with the healing properties of the stone  and can be    used    to promote healing and wellness.

* Everyday drinking water is transformed to levels compared to pure spring water    as gemstones restores its crystalline structure and enhance the quality of water we drink.

About Maison D’ Auraine

Maison D’ Auraine is a name in the beauty world that has seen exponential growth since its inception. The word Maison has its origin from the Latin word ‘mansion’ meaning abode or home; translating it into the ‘Official house of Auraine Auraine is a conglomerate with a bouquet of the innovative & premium- beauty, health & wellness brands under its umbrella. With the belief of empowering men & women to live a more confident and healthy life we aim at spreading our ethical solutions & brands worldwide and impact millions of people.

With an exponential growth in merely 5 years of inception and to cater to Global business needs, Maison D’ Auraine is introducing its own home grown revolutionary brands & products to the world this year and have already setup global infrastructure to support that with setting up branches in countries of Ireland, Hong Kong & Dubai.

Home Sales in Q3 2020 Rise by 2.5 Times (Q-o-Q); Launches Surge by 4.5 Times (Q-o-Q) in Q3 2020: Knight Frank India

Knight Frank India, leading international property consultancy, today launched a special report - India Real Estate Update (July – September 2020) - which analyses the residential and office market performances across eight major cities for the Q3 2020period. The report estimates that home sales volume jumped by 2.5 times to 33,403 units in Q3 2020 compared to 9,632 in Q2 2020. New residential unit launches increased by 4.5 times to 31,106 units in Q3 2020, compared to 5,584 units in the previous quarter.

Weighted average prices in Q3 2020 registered a year – on – year (Y-o-Y) declined in the range of 3%-7% in six of the eight markets. Hyderabad and Bengaluru were the only markets that witnessed a price increment of 4% and 3% YoY respectively, as developers in these pre-dominantly end-user markets sustained pricing power in a favourable demand-supply scenario.

With developers innovating on their marketing prowess to include financial benefits, discount and easy payment options to attract buyers during the period of lockdown, sales have seen an uptick in Q3 2020 over the preceding quarter. Developers were also able to garner buyer interest through active usage of digital platforms during this period to engage with customers. Lower home loan interest rate also supported pick-up in residential sales. The acute labour crunch experienced in the earlier part ofthe lockdown also started to easeout, as workers began to return to main cities seeking employment. Even while there is a considerable distance from normality, the residential sector has started to show signs of improvement in Q3 2020.

As most of Q2 2020 (April – June) remained under lockdown due to the continuing pandemic, both sales and supply volumes saw record low levels in this quarter. Thus, to understand the market changes of Q3 2020 as compared to a regular period, Knight Frank India also evaluated Q3 2020 performance in terms of sales and launches to the quarterly average of 2019 (Pre- COVID levels).

The total residential sales of the top eight markets under review during Q3 2020, reached 54% of 2019 quarterly average. Similarly, residential launches in Q3 2020, improved to 56% of the 2019 quarterly average. Mumbai, Bengaluru and NCR accounted for 56% of the quarterly sales volume during Q32020 compared to 62% in 2019, primarily due to a fall in Bengaluru’s share in total sales for the same period. Kolkata was the only market that exceeded the quarterly average of 2019 in both parameters with sales and new launches increasing to 137% and 139% respectively compared to Pre-COVID levels, albeit on a low base.

While the average age of inventory stayed at 16.9 quarters in Q3 2020 compared to 16.2 quarters in the year-ago period, the developers focus on clearing the old stock has helped the market reduce unsold inventory levels to 0.44 mn units in Q3 2020, 1% less than a year ago.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said, “There has been a meaningful improvement in sales and launches in Q3 2020. Developers have been focusing on liquidating inventory and homebuyers inclined to purchase ready assets has translated into reduced unsold inventory levels in this quarter. For markets such as Mumbai and Pune, the additional push by the state government in the form of reduced stamp duty has helped in demand generation and revenue creation for the state government. Going forward, the festival season will be crucial for developers. This may prove to be an opportune time for end-users with the adequate financial stability to make their investments. The near-term outlook on sales continues to depend on the speed and trajectory of recovery in the economy in the months ahead.”

Rajani Sinha, Chief Economist & National Director – Research, Knight Frank India said, “Strong demand stimulus like the one by the Maharashtra government and historic low home loan interest rates have been the key reason for the current uptick residential sales. These measures have compelled end-users, those looking for good deals for their property, to make their purchase decision. Developers also took the opportunity to make a strategic offer, especially on their unsold inventory, to support the sales velocity.” 

KEY HIGHLIGHTS OF RESIDENTIAL MARKET SUMMARY Q3 2020

1.       Sales in Mumbai, NCR, Pune, Chennai and Kolkata,reached or exceeded 50% of average quarterly volumes in 2019.

2.       Second only to Mumbai in terms of average sales, Bengaluru sales in Q3 2020 at 41% of the 2019 quarterly average.

3.       Mumbai, Bengaluru and NCR accounted for 56% of the quarterly sales volume during Q3 2020 compared to 62% in 2019, primarily due to a fall in Bengaluru’s share in total sales for the period.