Corona Outbreak Wrecks Havoc With Realty In Pune, Kolkata

New Delhi: The outbreak of the deadly corona virus and the resuatnt lockdown has caused major losses to the realty industry in the entire country, especially in major cities like Pune and Kolkata.

Pune has seen sales of homes decline by a massive 42 percent in first quarter (Q1) of 2020 as compared to the same period of 2019. The city sold 7,200 units in Q1 of 2020 as compared to 12,414 houses in Q1 of 2019.

Kolkata has seen sales of residential properties go down by 39 percent in Q1 of 2020 as compared to Q1 of 2019. The city sold 2,440 houses in Q1 of 2020 as against 4,000 units in Q1 of 2019.

The new launches in Pune stood at 7790 units in Q1 of 2020 as compared to 17520 homes in Q1 of 2019, a massive drop of 56 percent.

The new launches in Kolkata stood at 1,100 homes in Q1 of 2020 as compared to 1018 houses in Q1 of 2019, an increase of 8 percent, according to a report by ANAROCK Property Consultants. 

“Given the ongoing global healthcare calamity, it’s no surprise that housing sales and project launches have decreased,: said Anuj Puri, Chairman, ANAROCK Property Consultants. 

The inventory levels in Pune increased by 1 percent between Q1 of 2020 and Q1 of 2019. The city had unsold stock of 93,310 units at the end of Q1 of 2020 as compared to 92,590 units at the end of Q1 of 2019.

The inventory levels in Kolkata went down by 6 percent. The city had unsold stock of 43,600 units at the end of Q1 of 2020 as compared to 46,450 units at the end of Q1 of 2019.

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