Housing Sales drop 81% for April-June 2020, New Launches by 98%: Report

BENGALURU: Housing sales and new launches have plunged to a new low across India’s top 7 cities in Q2 2020 amidst economic slowdown and global pandemic.

Residential sales in the April-June plummeted by 81% on yearly basis in these cities from 68,600 units in Q2 2019. From April to date, MMR & Bengaluru account for 52% of the total sales.

COVID-19 also dented new supply with launches falling by 98% in the period with merely 1,390 units getting launched this quarter. In Q2 2020.
Anuj Puri, Chairman – ANAROCK Property Consultants says, “A massive drop in both new launches and housing sales were, of course, expected on the back of a complete lockdown for most of this quarter. Interestingly, MMR – one of the most COVID-19-affected cities – witnessed maximum housing sales of nearly 3,620 units among all cities, followed by Bengaluru with approx. 2,990 units. Technology adoption has played a big role in housing sales of late, with many developers now strengthening their digital sales capabilities.”

Interestingly, limited new launches helped unsold inventory. Bengaluru sees maximum yearly decline of 7% in unsold stock, followed by MMR, NCR & Kolkata with 6% each. In the top 6 cities to shrink by 5% on a y-o-y basis – from more than 6.34 lakh units in Q2 2019, it dropped to just over 6 lakh units in Q2 2020, said Anarock.