Corona's Kaher: Sales of flats in the country halved, biggest drop in Delhi-NCR

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New Delhi, 22 December 2020 Tuesday

The year 2020 has been a bad one for the construction sector, which is the second largest employer in the country after agriculture. Sales are expected to fall 47 per cent to 1.38 lakh units.

The report also said that the pace of construction of new houses is also projected to slow by 46 per cent to 1.28 lakh units in 2020, according to a survey of the country's seven largest property markets.

These include results from Delhi-NCR, Mumbai Metropolitan Area (MMR), Pune, Bengaluru, Chennai, Kolkata, Delhi-NCR and Bengaluru.

A total of 1.38 lakh houses are expected to be sold in these seven cities during 2020, up from 2.61 lakh units in 2019, according to the report.

Although real estate sales improved during October-December, 2020 could be a terrific year for the real estate sector following Covid-19. However, the last 2 quarters of this year have seen a boom in residential housing.

According to experts in the sector, if the property registration fee is reduced, the sale of houses can be boosted. Maharashtra has reduced the fee on property registration during the epidemic. Other states should follow suit.

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