Housing Sales Hit in the First Half of 2020, NCR Affected the Most
Due to the Coronavirus pandemic hitting the country hard in 2020, housing sales across the major cities of India have been affected a lot with a decline of 54 per cent to 59538 units during the First Half of 2020. During the same period in the last year, over 1.29 lakh units were sold across the top 8 cities of the country.
The data has been published by a survey conducted by Knight Frank India.
Highlights of the Survey Report
- The total sales in the eight cities of the country have decreased by a massive 54 per cent year-on-year to a decadal low of 59538 units during the first half of the current years.
- The COVID 19 disruptions in the market activity are behind the standstill in sales of residential project sites and registration offices during the second quarter of the financial year.
- New launches fell the most in the first half as compared to any period during the decade at 46% to 60489 units.
- Though all the cities under review were hit, NCR was the most affected market with sales down by 73% and the new launches by 82% in the first half of the year, as compared to the same period last year.
- Only 5446 units were sold in the first half of 2020 and 1422 units have been launched in the NCR during H1 2020.
- Whereas Bengaluru has seen a decline of around 57%, Hyderabad has registered a fall of 43% during this period.
- Mumbai has seen a decline in the residential market by 45% and the new launches in the city have also decreased by 47% on a yearly basis to only 1422 units. This marks a record low in any half-yearly period in a decade, for the financial capital of the country.
- Kolkata has witnessed a year-on-year growth of 37% during this period but this was on an abnormally low base for a market that usually operates on a much larger scale of supply.
Month: Current Affairs - July, 2020
Category: Economy & Banking Current Affairs