Housing Sales Drops By 27% In Q1 Of 2020
New Delhi: Housing sales in the country dropped by 27 percent in the first quarter (Q1) of 2020 in the top nine cities.
Only 55,138 homes were sold in Q1 of 2020 as compared to 74,534 houses in Q1 of 2019, according to a report by PropEquity.
New launches of homes also came down about 39 percent in Q1 of 2020. There were a total of 50,361 homes sold in Q1 of 2020 as compared to 82,678 units in Q1 of 2019.
Noida, Mumbai, Bengaluru and Thane were the only cities that saw an increase in launches. Noida saw an increase of 9 percent while Bengaluru witnessed an increase of 16 percent in Q1 of 2020 as compared to Q1 of 2019. Mumbai saw an increase of 20 percent while Thane witnessed an increase of 4 percent.
Gurgaon witnessed decline of 51 percent in new launches. The new launches stood at 3,060 houses in Q1 of 2020. Sales went down by 45 percent in the latest quarter at 1,650 units. Kolkata saw launches of 2,740 houses in Q1 of 2020, dropping by a whopping 40 percent. Sales too went down by 24 percent to just 3,673 homes in Q1 of 2020.
Hyderabad witnessed a drop of 32 percent in new launches. The new launches of homes stood at 3,777 units in Q1 of 2020. Sales also dropped by 25 percent to 4,349 homes in Q1 of 2020.