Corona virus wipes off 79% housing sales, 81% new launches in the lockdown quarter
New Delhi: Coronavirus pandemic wiped off 79 percent housing sales in the country in the April-June quarter compared to the corresponding quarter of 2019 in the top cities.
Mere 19,038 houses were sold in the lockdown stricken quarter as compared to 92,764 homes in the same period of 2019, according to a report by property portal PropTiger.com.
New launches by real estate developers fell 81 percent in the latest quarter as compared to the same period of 2019. Only 12,564 houses were launched in the second quarter of the current calendar year as compared to 66,126 units in the same period of last year.
The piled up stock of residential properties fell 13 percent in the top eight cities in the latest quarter. Developers had piled up inventory of 738,335 homes as on 30 June which was 846,460 units at the end of the second quarter of 2019.
Mumbai and Pune together accounted for about 56 percent of the piled up inventory. This was followed by Delhi-NCR at 15 percent and Bengaluru at 10 percent.
Inventory overhang has now jumped to 35 months as compared 28 months at the end of June 2019. The highest overhang is 53 months in Delhi NCR. Delhi NCR also saw 1 percent average increase in prices of properties in the latest quarter as compared to the same period of 2019.
Pune saw 2 percent average increase in prices of properties in the latest quarter as compared to the same period of 2019.
Ahemedabad and Bengaluru saw 6 percent and 3 percent average increase in prices respectively in the latest quarter as compared to the same period of 2019. Chennai witnessed no increase and Hyderabad saw 7 percent increase in prices.
About 20 percent of the piled up inventory is for the ready to move houses.