Housing sales drop 49% amid Covid

Impacted by the pandemic and the nationwide lockdown, housing sales across the seven major cities nearly halved during the first six months of 2020 compared to the second half of 2019, according to a report by Anarock Property Consultants. A total of 57,940 units were sold during January-June, the data showed.

"Sales decreased by 49 per cent in H1 2020 compared to H2 2019 as every city underwent contraction. The contraction was in the range of 46 per cent to 51 per cent across the top seven cities of India," the report said.

The survey was done in the National Capital Region (NCR), Mumbai Metropolitan Region (MMR), Bengaluru, Pune, Hyderabad, Chennai and Kolkata. Sales in Q2 2020 accounted only for 22 per cent of H1 2020, which primarily led to an overall decline in half-yearly sales. Housing sales during April-June 2020 were 72 per cent lower than the previous quarter and nearly 81 per cent down from Q2 2019. The report, however, noted that despite the prevailing unprecedented crisis created by the Covid-19 pandemic, 57,940 units were sold, and sales continued to exceed launches in the first half of 2020. Launches during the period under review declined by 56 per cent compared to the second half 2019. The nationwide lockdown imposed from the last week of March severely impacted the real estate sector, resulting in muted launches, it said.

Further, unsold inventory registered a marginal decline of 2 per cent in H1 2020 compared to H2 2019. Sales continued to exceed new launches, resulting in unsold inventory reduction, it added.