Housing gross sales within the nationwide capital area (Delhi-NCR) plunged 50 per cent year-on-year in the course of the 2020 calendar 12 months to 21,234 items on low demand due to the COVID-19 pandemic, property marketing consultant Knight Frank India stated on Wednesday.
The gross sales of residential properties fell 37 per cent to 1,54,534 items in 2020 throughout eight main cities as in contrast with 2,45,861 items within the earlier 12 months, the marketing consultant stated in its ‘India Real Estate – Residential and Office Update H2 2020’ report.
Housing gross sales fell in all eight main cities, with demand falling most in Ahmedabad and least in Pune.
According to the info, housing gross sales fell 18 per cent in Pune to 26,919 items throughout 2020 from 32,809 items within the earlier 12 months.
Mumbai noticed 20 per cent decline at 48,688 items final 12 months from 60,943 items throughout 2019.
The Maharashtra authorities’s resolution to briefly minimize stamp responsibility on registration of properties led to increased gross sales in Mumbai and Pune area over the last 4 months of 2020 calendar 12 months.
Housing gross sales in Delhi-NCR decreased 50 per cent to 21,234 items from 42,828 items, whereas demand slumped 51 per cent in Bengaluru to 23,579 items from 48,076 items in the course of the interval beneath evaluation.
In Chennai, gross sales fell 49 per cent to eight,654 items in 2020 from 16,959 items within the earlier 12 months.
The gross sales of residential properties in Hyderabad declined 38 per cent to 10,042 items from 16,267 items. Kolkata noticed 21 per cent fall in gross sales to eight,912 items from 11,266 items.
Ahmedabad was worst hit, with gross sales down by 61 per cent to six,506 items in 2020 from 16,713 items within the earlier 12 months.
Knight Frank India CMD Shishir Baijal stated, “Despite the on-going pandemic, the H2 2020 sales growth in some cities is fairly encouraging. In Q3 2020, the real estate market started witnessing revival signs, further recording a significant improvement in homes sales during Q4 2020.”
Out of the overall gross sales quantity in H2 2020, he stated Mumbai and Pune contributed round 50 per cent in dwelling gross sales.
“This marvellous performance can be largely attributed to the state government’s decision of reducing stamp duty in Maharashtra. The other state governments would need to jump into the bandwagon or offer something similar to bolster demand across their markets,” Baijal stated.
The RBI’s resolution to keep up low repo charges has narrowed the margin between lease and residential mortgage EMI paid to banks, he stated.
