Housing sale dropped 50% in Delhi-NCR this year: Realty report

Residential housing sale fell by over 50 percent in Delhi-NCR in 2020 compared to last year, said a report released by property consultant Anarock.

Residential housing sale fell by over 50 percent in Delhi-NCR in 2020 compared to last year, said a report released by property consultant Anarock.

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Despite a lacklustre year for the realty sector, the last two months of the year did see some improvement and 2021 is expected to be better, said experts.

As per the consultant, the situation was similar across the country.

Housing sales in the top-seven realty markets saw sale of 138,350 units in 2020, almost 47 per cent lower than what was sold in 2019. Mumbai Metropolitan Region (MMR) saw the most sales of approximately 44,320 units, followed by Bengaluru with 24,910 units.

In Delhi-NCR. 23,210 units were sold in 2020 compared to 46,920 units a year ago.

Annually, the top-seven cities saw 1,27,970 new units launched in entire 2020, against 2,36,570 units in 2019 – reducing by 46 percent. NCR kept its new supply restricted to nearly 18,530 units in 2020 against 35,280 units in 2019 - a decrease of 47 percent in a year.

The report further said that while residential real estate bottomed out in 2020 against the previous peak of 2014, there are strong revival signs in fourth quarter of 2020 - with home affordability being at its all-time best. Amidst varied offers and discounts, the top 7 cities saw robust sales of approx. 50,900 units in Q4 2020, rebounding to almost 86 percent of the corresponding period in 2019. Last year, the festive quarter saw total home sales of 59,160 units. MMR and Pune drove residential sales, with the two cities accounting for an over 53% total share, it added.

“Data reveals that the festive quarter (Oct.-Dec. period) stood out among all four quarters in 2020, witnessing maximum sales due to multiple offers and discounts, low interest rates and limited-period stamp duty cuts in states such as Maharashtra. Buoyed by the rising sales, developers also saw it fit to unleash ample new supply into the market, leading to a 2 percent year on year jump in quarter four of 2020 against the same period in 2019,” said Anuj Puri, chairman, Anarock property consultants.