Residential sales in top seven ciits fell almost 50 per cent in 2020 on a yearly basis, says a new study.
Anuj Puri, Chairman, Anarock Property Consultants, said, “The 2020 has been unprecedented due to Covid-19, causing all-round upheaval.
However, the residential segment was quick to pick up momentum in the last two quarters of 2020 on the back of growing homeownership sentiment, catalysed by the exigencies of the pandemic.
This pent-up demand was accelerated by the ongoing discounts and offers, the prevailing lowest-best home loan interest rates and limited-period stamp duty cuts in states such as Maharashtra.” he added
Even after lowest loan interest rates New housing supply in 2020 declined by 46 per cent against the preceding year from about 237,000 units in 2019 to around 128,000 units in 2020.
According to Anarock Property Consultants report , Considering both New and old homes in the top 7 cities saw housing sales of around 138,350 units in all of 2020 as against 261,370 units in 2019, down 47 per cent on a yearly bais,
Housing sales in Mumbai Metropolitan Region dropped 45 per cent YoY to about 44,320 units in 2020. Last year, the city’s total sales were nearly 80,870 units.
In Bengaluru, housing sales touched 24,910 units in 2020 against 50,450 units in 2019, a decline of over 51 per cent.
The Delhi Natioanl Capital Region (NCR) witnessed housing sales of 23,210 units in 2020 over 46,920 units a year ago. The region saw its sales plummet 51 per cent.
Annually, the top 7 cities saw about 127,970 new units launched in all of 2020, against 236,570 units in 2019, down 46 per cent.
On the supply front, the top cities added 52,820 units in Q4 2020 against 51,850 units in Q4 2019, up two per cent YoY.
Hyderabad outpaced other cities and added a massive new supply of 12,820 units in the quarter, followed by MMR with over 11,910 new units.
Hyderabad was the only city whose new launches rose during the year. The key cities contributing to 2020 new unit launches were MMR, Pune, Bengaluru and Hyderabad, which together accounted for 76 pr cent of addition.