Corona wipes of 67% of housing sales in Q2 of 2020

New Delhi: Corona virus and the lockdown has knocked out 67 percent of housing sales in the top nine cities in India in the second quarter (Q2) of 2020 to 21,294 homes as compared 64,378 houses in the same period of 2019. 

The sales fell primarily as the restrictions were imposed by the Indian government across the country to stop the spread of COVID-19 epidemic.

The new launches of residential property nosedived by 74 percent in Q2 of 2020 to 11,967 houses as compared to 54091 in the corresponding quarter of 2019. Noida saw zero new launches in Q2 of 2020.

The piled up inventory came down about 5 percent to 6,07,665 houses in Q2 of 2010 as against 6,41,857 units in Q2 of 2019, according to a report by PropEquity.

The nine cities are Noida, Chennai, Mumbai, Hyderabad, Pune, Kolkata, Gurugram, Bengaluru and Thane.