News: Housing sales down 66% in Apr-Jun: Report-10-07-2020

https://economictimes.indiatimes.com/wealth/real-estate/housing-sales-down-67-in-apr-jun-report/articleshow/76888290.cms

NEW DELHI: Housing sales has dropped by 66% across top 9 cities in India in the second quarter of 2020, according to a report by PropEquity, an real estate data and analytics platform. According to data, sale has dropped to to 21,294 units versus 62,851 units in Q1 2020. The sales fell primarily as the restrictions were imposed by the Indian government across the country to stop the spread of COVID-19 epidemic. The new supply or launches of housing units also decreased by 81% during the same period to 11,967 units from 63,535 units in Q1 2020 as developers hardly launched any new projects as sales went to standstill. Noida was the only city where there were zero new launches in Q2 versus other cities Gurugram, Bengaluru, Chennai, Hyderabad, Mumbai Thane, Kolkata and Pune witnessed downfall at 81%, 45%, 92%, 79%, 85%, 88%, 73%, 92% and 81% respectively. Most of the new launches in other cities took place after the lockdown restrictions were relaxed by May third week onwards.