In the wake of the terrible recession in the real estate sector, house sales will fall by 81%

New Delhi, Thursday 25 June 2020

The real estate sector is witnessing a sharp downturn in the wake of the Covid-19 crisis and the lockdown it has caused, with house sales falling 81 per cent to 12,740 units in the current calendar month, according to a general estimate.

According to a report by a well-known real estate agency, house sales in major cities like Delhi-NCR, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, and Kolkata stood at 68,600 units.

Not only that, with the 98 per cent drop in offers for new houses during the period, the decline is estimated at 1,390 units, up from 69,000 new houses made available for sale in the same period last year.

Anarok chairman Anuj Puri said the lockdown this quarter has also led to a sharp drop in house sales and offers, with a nationwide lockdown imposed on March 25 to control the Koro epidemic.

As a result, construction activity has come to a complete standstill, and home sales have almost come to a standstill. Given the current situation, many developers have now increased their digital sales capabilities.

The report estimates that house-to-house sales in Delhi-NCR will fall by 83 per cent to just 2,100 units during April-June 2020 from 12,640 units in the same period last year.

Similarly, house sales in the Mumbai metropolitan area are projected to fall by 83 per cent to 21,360 to 3,620 units, while sales in Bengaluru are projected to fall by 77 per cent to 2,900 units to 2,900 units.

The figure was 13,150 units in the same period last year. Sales in Pune are expected to fall by 79 per cent to 2,160 units from 10,490 units and Hyderabad by 85 per cent to 660 units from 4,430 units.

Sales in Chennai are expected to fall by 84 per cent to 480 units from 2,990 units. Sales in Kolkata are expected to fall by 79 per cent to 730 units. The figure was 3,540 units in the same period last year.