Corona strikes Delhi NCR realty Market hard; wipes off 26% housing sales in Noida

New Delhi: The current corona virus pandemic has hit the business of real estate hard. The pandemic has wiped off 26 percent of housing sales in Noida in the fourth quarter of the 2019-20 financial year (Jan-March period of 2020) as against the same period of 2018-2019 fiscal. The total sales of houses in Noida stood at 3,152 units in the fourth quarter of the 2019-20 fiscal as compared to 4,343 units in corresponding period of the previous financial year.

However, as compared to the immediately preceding quarter of 2019-20 fiscal (Oct-Dec period of 2019), the sales of houses was almost flat. The total numbers of homes sold in Oct-Dec period of 2019 was 3,254 units.

In terms of unsold inventory of competed homes, Noida saw a reduction of 13 percent in the stock in the latest quarter. The total number of houses left unsold at the end of the March 2020 was 59,041 units. The same was 67,551 at the end of March 2019.     

Even as compared to the immediately preceding quarter of fiscal 2019-20 (Oct-Dec period of 2019), there has been a reduction in unsold stock. The total number of completed unsold homes stood at 61,728 units at the end of December 2019, according to a report by real estate portal Proptiger.com.

The portal has included Greater Noida, Noida Extention and Yamuna Expressway micro markets in Noida for the purpose of its study.

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