Housing sales down by a quarter, new launches down by more than half in Q4 of FY20
New Delhi: Residential property sales dropped by more than a quarter at 26 percent in the Jan-March Period of 2020 or the fourth quarter of financial year 2019-20.
Only 69,235 homes were sold in the fourth quarter of fiscal 2019-20 as compared to 93,936 houses in the same period of the previous fiscal, according to a report by property portal Proptiger.com.
The current corona pandemic and the resultant lockdown has caused even the new launches to come down in the fourth quarter of fiscal. 2019-20. The new launches fell by a whopping 51 percent due to the liquidity issues being faced by the developers.
Only 35,668 homes were launched in the top nine cities of the country in the fourth quarter of fiscal 2019-20 as compared to 72,932 houses in the same period of the previous fiscal.
“While the Chinese economy has been reeling under the impact of the coronavirus contagion since December 2019, the situation started to get worrisome in India only in March. The lockdown, which has virtually brought to a standstill most economic activity in the country, has hurt all sectors, including real estate. The adverse impact of the corona virus is visible on housing sales in the last quarter of the last fiscal because March is usually one of the biggest month for sales,” said Dhruv Agarwala, Group CEO, Housing.com, Makaan.com and PropTiger.com.
Worst hit in terms of sales was Gurugram.