Housing sales fall 79% in April-June quarter

Date posted: Wednesday 29 July 2020

With most cities in either a partial or full lockdown due to coronavirus, new launches dipped by 81 percent and housing sales by 79 percent in the second quarter this calendar. Only 19,038 units were sold during April-June this year compared to 92,764 units in Q2 2019, according to PropTiger. Affordable housing continued to dominate the real estate sector accounting for a 44 percent share of all sales, Prop Tiger said in its report Real Insight Residential Q2 2020.Sales share of branded developers increased, as per the report. New launches also decreased significantly during this period as developers remained cautious with commercial activity across sectors slowing down. Launches decreased 81 percent during the quarter ending June 30 to 12,564 units from 65,240 units last year. The first half of this calendar year showed a similar decline with a 65 percent dip in new launches. Bengaluru witnessed the maximum supply of new launches in this quarter, the report stated. New launches in Mumbai were down by 91 percent from 21,250 in Q2 2019 to 1,820 this year. New launches in Delhi-NCR decreased by 75 percent to 2,010 this year from 7,920 in 2019. New launches in Bengaluru were down 52 percent to 3,270 this year from 6,840 last year. At least 61 percent new launches were in the less than Rs 75 lakh category, as per the report.

(Moneycontrol)

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