Corona wrecks havoc with Gurugram realty, takes away three-fourths of housing sales in the city

New Delhi: Gurugram property market has been badly hit where the corona virus epidemic and the lockdown has taken away three-fourths of the housing sales in the fourth quarter of the fiscal 2019-20 as compared to same period of previous fiscal.

Only 1,901 houses were sold in the fourth quarter of 2019-20 fiscal as compared to 7,124 homes in the corresponding period of the previous fiscal, according to a report by property portal Proptuiger.com

Even on quarter on quarter basis, the sales decline in the Millennium City was 61 percent. About 4,814 houses were sold in the third quarter (Oct-Dec) of fiscal 2019-20. 

The city also witnessed a decline in property prices in the latest quarter. The pries of properties fell 1 percent in the March quarter of 2020 as compared to the same quarter of 2019. Millennium City was the only major city in the country where prices fell in the March quarter.   

However, things were slightly better when it came to inventory reduction. The unsold housing properties declined about 6 percent in the March quarter of 2020 as against the same period of 2019. About 43,276 homes were left unsold at the end of the March quarter f 2020 as compared to 45,939 houses at the end of same period of 2019.   

“While the short-term negative impact of the pandemic on sales was evident in the Q4FY20 numbers, which is also expected to continue in the current quarter (Q1FY 21), we hope that the various support measures announced by the government and the RBI would start yielding positive results in the medium term. Also, the lock-down is likely to bring about a major change in consumer behavior going forward,” said Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com.

 

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