Industry

Housing sales may plunge 81% in Apr-Jun; new launches to fall 98%, says report

New launches may plunge by 98% to only 1,390 units as against nearly 69,000 units in the corresponding period of 2019.

New launches may plunge by 98% to only 1,390 units as against nearly 69,000 units in the corresponding period of 2019.   | Photo Credit: Prashanth Vishwanathan

As many as 68,600 units were sold during April-June 2019 across seven major cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata

Housing sales are estimated to decline by 81% to 12,740 units during April-June period of this calendar year due to COVID-19 pandemic and subsequent lockdown, property consultant Anarock said on Thursday.

As many as 68,600 units were sold during April-June 2019 across seven major cities - Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata, Anarock said in a report.

Read | Will COVID-19 push people into buying homes?

New launches may plunge by 98% to only 1,390 units as against nearly 69,000 units in the corresponding period of 2019.

“A massive drop in both new launches and housing sales were, of course, expected on the back of a complete lockdown for most of this quarter,” Anarock Property Consultants Chairman Anuj Puri said.

The nationwide lockdown was imposed on March 25 to curb the spread of coronavirus disease, bringing the construction as well as sales activities to a grinding halt.

“Technology adoption has played a big role in housing sales of late, with many developers now strengthening their digital sales capabilities,” he added.

Housing sales are likely to fall by 83% in Delhi-NCR to 2,100 units in April-June 2020 from 12,640 units during the corresponding period of the previous year, the report states.

In the Mumbai Metropolitan Region (MMR), sales may drop by 83% to 3,620 units from 21,360 units during the period under review.

Sales in Bengaluru are seen at 2,990 units, a 77% drop from 13,150 units.

Pune can witness a drop of 79% to 2,160 units from 10,490 units, while Hyderabad may see 85 % dip to 660 units from 4,430 units.

Sales in Chennai are likely to fall by 84% to 480 units from 2,990 units.

Kolkata, too, is expected to see a 79% dip to 730 units from 3,540 units.

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Printable version | Jul 9, 2020 11:07:53 PM | https://www.thehindu.com/business/Industry/housing-sales-may-plunge-81-in-apr-jun-new-launches-to-fall-98-says-report/article31915248.ece

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