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Coronavirus dents realty business by 40%
Coronavirus dents realty business by 40%
Bangalore sales values in the first nine of months of 2020 stood at `12,569 crore as against `28,159 crore in the 2019-period. The city saw sales of nearly 17,020 units between January to September 2020
Bengaluru: Severely impacted by the Covid-19 pandemic, the top seven cities saw homes worth approx. Rs 88,730 crore sold in the first three quarters of 2020 as against Rs 1,54,320 crore in the corresponding period of 2019.
This is a 43% decline, with total value reduction amounting to approximately Rs 65,590 crore during the period.
Anuj Puri, Chairman, ANAROCK Property Consultants said, "As was to be expected, the second quarter was lacklustre given the lockdowns and overall pressures on the economy. What is remarkable is how the third quarter stacked up, clearly indicating that buyer sentiment was in place and merely held at bay by uncertainty. Based on these results, there is now every reason to look at the coming festive season with confidence - homebuyers are back on the market. This return of sentiment, coupled with various festive offers and with attractive financial schemes, will produce a marked uptick."
Between January to September 2020, as many as 87,460 units were sold across the top seven cities as against approx. 2.02 lakh units sold a year ago. However, the quarterly numbers indicate that the worst is over for the residential sector. Q3 2020 saw home sales values increase by more than 2.3 times to approx. Rs 29,731 crore - up from Rs 12,694 crore in the preceding quarter. Q1 2020 saw home sales worth approx Rs 46,306 crore.
The upcoming festive quarter (Oct.-Dec.) will very probably see home sale values go up on the back of increased demand fed by financial schemes and offers.
Meanwhile, city-wise, Mumbai Metropolitan Region (MMR) was on top and clocked sales worth Rs 49,313 crore in the first three quarters of 2020. On an yearly basis, MMR saw total sales value reduce by 22% - from Rs 62,964 crore in 2019 to Rs 49,313 crore this year. But, interestingly, as against 2018-period – when MMR recorded sales worth Rs 47,242 crore – it became the only city to witness an increase (of 4%).
ANAROCK release stated that Bangalore sales values in the first nine of months of 2020 stood at Rs 12,569 crore as against Rs 28,159 crore in the 2019-period. The city saw sales of nearly 17,020 units between January to September 2020.
Housing sales value in NCR was approx. Rs 9,430 crore in the first nine of months of 2020 as against Rs 24,860 crore in 2019 – registering a 62% annual drop. Total housing units sold this year was less than Bangalore at 15,450 units.
