Corona hits Kolkata property market really hard, knocks off 41% housing sales

New Delhi: The corona virus pandemic has hit the Kolkata property really hard. The housing sales has been impacted to the extent of 41 percent in the fourth quarter of the fiscal 2019-20 as compared to same period of previous fiscal.

Only 2,747 houses were sold in the fourth quarter of 2019-20 fiscal as against 4,690 homes in the corresponding period of the previous fiscal, according to property portal Proptiger.com

As compared to the immediately preceding quarter (Oct-Dec 2019), the houses sales were down 12 percent. Around 3,113 houses were sold in the third quarter (Oct-Dec) of fiscal 2019-20.   

However, the scenario was much better in terms of inventory reduction. The unsold stock of housing properties dropped 21 percent in the latest quarter of 2020 as against the corresponding period of 2019. About 33,966 homes were left unsold at the end of the March quarter of 2020 as compared to 42,807 houses at the end of same period of 2019.

Even as compared to the immediately preceding quarter (Oct-Dec 2019), the scenario was better in terms of reduction in unsold stock. There were about 36,098 houses left unsold at the end of the third quarter (Oct-Dec) of fiscal 2019-20.   

 

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