COVID-19 second wave hits housing demand, sales drop by 58% in June quarter: PropEquity businesstoday.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstoday.in Daily Mail and Mail on Sunday newspapers.
Housing sales down 1% during Apr-June in nine major cities: PropEquity
Housing sales down 1% during Apr-June in nine major cities: PropEquity PTI | Updated on: 09 Jul 2018, 08:03:08 PM
New Delhi:
Housing sales fell by 1 per cent to 49,945 units in April-June 2018 in nine major cities compared with the year-ago period, according to data analytics firm PropEquity.
The launches fell by 25 per cent to 35,211 units during the second quarter of 2018 calendar year, leading to 9 per cent drop in unsold housing stock to 6.16 lakh units.
Nine cities that were included for the study are Gurgaon, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai.
“Real estate housing market across India continues to stabilise with developers in this quarter clearing their older inventories and launching several new projects. This trend is expected to continue in the following quarters with new launches to further pick up in 2018,” said Samir Jasuja
Home sales rose 23 per cent across top seven cities in the country during the first five months of 2021. However, Calcutta witnessed a decline of 11 per cent during the same period, a report released by PropEquity showed.
The research and analytics firm said home sales in Calcutta declined to 4,673 units between January and April 2021 from 5,267 units a year ago. One of the reasons behind this fall was that launches fell by 28 per cent to 2,391 units against 3339 last year.
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Apart from Calcutta, the National Capital Region also saw a slump of 20 per cent as it faced a major brunt of the second Covid-19 wave.
Home launches down 24% as realtors try to trim inventory
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Housing launches dropped in Bengaluru (35%), Hyderabad (28%), Kolkata (28%), the Mumbai Metropolitan Region (31%) and Pune (23%) during the same period.
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Housing launches fell 24 per cent across India’s top seven cities in the first five months of 2021 from a year earlier, as developers focused more on clearing the unsold inventory amid the pandemic, real estate data analytics firm PropEquity said.
Home sales, meanwhile, rose 23 per cent during the January-May period, though the numbers dropped 20 per cent in the National Capital Region after the second Covid-19 wave brought Delhi and its neighbouring areas to a standstill.
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