Home sales down by 19% in Q1 2020
BENGALURU: Residential property sales dropped by 19% across the top 9 cities in India during the first quarter of 2020 as compared to the last quarter of CY 2019.
The new supply or launches of housing units also decreased by 13% during the same period to 50,361 units from 58,049 units in Q4 2019. Noida, Bangalore, Mumbai, and Thane were the only cities where new launches witnessed growth in Q1 versus Q4 at 9%, 16%, 20%, and 4% respectively. These new launches were also primarily witnessed in January and February.
“Beginning of Q1 was relatively better for the Indian real estate sector as many projects which were rightly priced attracted decent demand, especially for the projects which were nearing completion. However, since March mid onwards, the real estate market came to a grinding halt due to the lockdown announced by the government, we expect transactions to resume only when there is a certainty that the infection is contained and the number of cases starts dropping,” Samir Jasuja, founder and managing Director at ProprEquity said.
Real estate transactions in Q1 2020 primarily happened in January and February as the industry almost went standstill from March onwards due to various measures and lockdown announced by the Indian government to combat the spread of the Corona Virus epidemic.
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