Mumbai hit really hard by corona; housing sales fall in double digits

New Delhi: The financial capital of the country Mumbai has been hit hard by the current corona virus pandemic where housing sales have been impacted by 14 percent in the fourth quarter of the fiscal 2019-20 as compared to same period of previous fiscal.

Only 23,969 homes were sold in Mumbai in the fourth quarter of 2019-20 fiscal as opposed to 27,986 houses that were sold in the in the same period of the previous fiscal, according to a report by real estate portal

Even as compared to the immediately previous quarter (October-December period of 2019), the residential property sales dropped about 11 percent. About 27,070 houses were sold in the third quarter (October-December period) of fiscal 2019-20.

As far as the unsold stock of hoses is concerned, things were much better. The piled up inventory of residential properties declined by about 15 percent in the fourth quarter of 2019-2020 fiscal as compared to the corresponding period of 2019. About 2,79,229 houses were left unsold at the end of the January-March quarter of 2020 as against 3,28,582 homes at the end of same period of 2019.

Even as compared to the immediately preceding quarter (October-December period of 2019), there was reduction of unsold stock. There were about 3,00,547 homes left unsold at the end of the third quarter (Oct-Dec) of fiscal 2019-20.

The portal has included the markets of Navi Mumbai and Thane in Mumbai market for the purpose of this report.