Nagpur/Mumbai : Real estate brokerage firm PropTiger on Wednesday reported 57 per cent year-on-year decline in housing sales across eight major cities at 35,132 units due to the Covid pandemic, but said sales have recovered significantly from the previous quarter. During July-September 2019, sales of residential properties across eight cities stood at 81,886 units.
However, September quarter sales rose 85 per cent from the April-June quarter on the back of pent-up demand following the nationwide lockdown, according to the Real Insight Q3 2020 report released by News Corp-backed PropTiger through video conference.
The eight cities tracked by PropTiger are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai Metropolitan Region (MMR) and Pune.
“We are beginning to see green shoots all across the economy including the residential sector. Although sales and launches have declined year-on-year, but the demand and supply have gone up significantly from the April-June quarter,” PropTiger and Housing.com CEO Dhruv Agarwala told reporters.
He termed the current festival season as a crucial period for the real estate sector which will determine the demand outlook for the next 12 months. With housing prices remaining stable during the last five years and interest rates on home loans at 15 year low, Agarwala expressed confidence that sales would rise significantly during the current quarter. The discounts and freebies offered by developers during the festive season would also aid in driving demand, he said.