Despite Demand Recovery, Housing Sales Drop 35% in Seven Major Cities Between June and September
Representational image. | Image Courtesy: housing.com
New Delhi: Housing sales across seven major cities in the country fell by about 35% year-on-year to 50,983 units during the period between July and September, even as demand recovered post-lockdown, according to data analytics firm PropEquity.
Sales stood at 78,472 units in the same period a year prior in seven cities – Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad and Pune.
On a sequential basis, however, sales jumped over two-fold from 24,936 units in the April-June quarter this year, PropEquity said.
Last week, property consultant Anarock reported a 46% year-on-year (YoY) drop in sales of residential properties during the July-September quarter at 29,520 units in these seven cities.
“The Indian real estate sector is showing some recovery as many projects were launched in the last quarter; with various schemes and offers, developers were able to clear significant inventory,” PropEquity founder and MD, Samir Jasuja, told PTI.
“As we move into the festive season, we forecast this recovery to continue with more offers, discounts and attractive payments schemes to attract customers,” Jasuja added.
According to PropEquity’s data, housing sales declined in all seven cities during July-September 2020 as compared to the same period last year.
In Bengaluru, sales fell by 44% to 6,098 units from 10,878 units last year. Chennai saw a 36% fall in sales at 2,403 units during the July-September quarter from 3,749 units in the same period a year ago.
Sales of residential properties went down by 32% in Hyderabad at 4,677 units from 6,924 units. Kolkata witnessed a 44% decline in sales to 2,239 units during July-September from 4,023 units in same period a year prior.
Housing sales in the MMR dipped 30% to 16,652 units from 23,719 units, while demand fell by 23% in the NCR to 9,375 units from 12,237 units. In Pune, sales decreased by 44% to 9,539 units during July-September from 16,942 units in the same period last year.
PropEquity, owned and operated by PE Analytics, is an online real-estate data and analytics platform covering over 1,18,010 projects from 34,217 developers across 44 cities.
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