Sales, New Launches Of Homes Tank 42% In Q1 Of 2020
New Delhi: Corona virus outbreak has brought the real estate industry down to its knees as sales and new launches tanked 42 percent each in the first quarter (Q1) of 2020 as compared to same period of previous year.
The sales of homes came down to just 45,200 units in Q1 of 2020 as against 78,150 units in Q1 of 2019 in the top 7 cities of the country, according to ANAROCK Property Consultants.
The new launches came down to mere 41,200 units in Q1 of 2020 as compared to 70,480 houses in Q1 of 2019.
“Given the ongoing global healthcare calamity, it’s no surprise that housing sales and new project launches across India’s top 7 cities decreased both on yearly and quarterly basis. As expected, monthly data trends reveal that March – the month when most advisories and lockdown were imposed - saw a steep decline in both new launches and housing sales against the preceding two months.” said Anuj Puri, Chairman – ANAROCK Property Consultants.
Among the top 7 cities, Hyderabad saw maximum yearly drop of 50 percent in sales of homes. The sales came down to just 2,680 homes in Q1 of 2020 as against 5,400 houses in Q1 of 2019.
Bengaluru stood second in terms of maximum decrease in sales. The sales came down 45 percent in Q1 of 2020. These cities were followed by Mumbai and Pune where the sales went down by 42 percent each in Q1 of 2020.
In term of launches, Mumbai and Pune recorded highest decline of 61 percent and 56 percent respectively. Mumbai witnessed new launches of just 10,480 units in Q1 of 2020 as compared to 26,850 units in Q1 of 2019. However, Chennai’s and Kolkata’s launches jumped 16 percent and 8 percent respectively.