B'Lore, Hyd, Chennai See Drop Of 45% In Home Sales
New Delhi: The sales of residential property in three important South Indian markets of Bengaluru, Hyderabad and Chennai tanked 45 percent in first quarter (Q1) of 2020 as compared to the same period of previous year.
The combined sales of homes in these three cities stood at 13,500 units in Q1 of 2020 as against 24,472 houses in the corresponding period of 2019, according to a report by ANAROCK Property Consultants.
Individually seen, Hyderabad had a decline of 50 percent in sales. The total sales of homes in Hyderabad in Q1 of 2020 stood at 2,680 units. The same was 5,360 units in Q1 of 2019.
Bengaluru saw a drop of 45 percent is sales. The total sales of homes in Bengaluru was 8,630 units in Q1 of 2020. The same was 15,690 units in Q1 of 2019.
Chennai saw a decline of only 36 percent. The sales of homes in Chennai stood at 2,190 units in Q1 of 2020. The same was 3,422 units in Q1 of 2019.
In terms of new launches, Bengaluru and Hyderabad witnessed decline of 5 percent and 30 percent respectively. Chennai saw a rise of 16 percent.
Bengaluru saw launches of 8,600 units in Q1 of 2020 as against 9,030 homes in Q1 of 2019.
Hyderabad saw launches of 3,380 houses in Q1 of 2020 as compared to 5,400 units in Q1 of 2019.
Chennai saw launches of 3,680 units in Q1 of 2020. It saw launches of 3,172 houses in Q1 of 2019.
The unsold inventory in Bengaluru stood at 62,790 homes at the end of Q1 of 2020 as compared to 66,820 units at the end of Q1 of 2019, a decline of 6 percent.
The unsold stock of houses in Hyderabad stood at 24,910 units at the end of Q1 of 2020 as against 25,400 units at the end of 2019, a drop of 2 percent.