Housing brokerage firm PropTiger on Tuesday reported that sales of residential properties plunged 76 per cent during April-June this year across eight cities from the previous quarter on sluggish demand because of the second wave of COVID pandemic.
According to the data, housing sales stood at 15,968 units during April-June 2021 as compared to 66,176 units in the previous quarter. "Home sales during the three-month period ending June 30 declined 16 per cent YoY (Year-on-Year), while registering a 76 per cent QoQ (Quarter-on-Quarter) fall," PropTiger said in a webinar.
All cities saw sales declining quarter on quarter while annual comparisons show some improvement for few cities, it added. As per the PropTiger report 'Real Insight', housing sales in Ahmedabad fell to 1,282 units in April-June 2021 from 4,687 units in the previous quarter. In Bengaluru, sales dropped to 1,591 units from 7431 units.
Delhi-NCR saw sales declining to 2,828 units from 6,188 units, while Chennai witnessed sales falling to 709 units from 4,468 units. Housing sales in Hyderabad declined to 2,429 units from 7,721 units. In Kolkata, sales dipped to 1253 units from 3,382 units. Sales of residential properties fell sharply in Mumbai Metropolitan Region and Pune, the two major markets of Maharashtra.
While sales in MMR plunged to 3,381 units in April-June 2021 from 18574 units in the previous quarter, demand in Pune fell drastically to 2,495 units from 13,725 units. "While demand and supply both remained adversely impacted during the first two months of the quarter, a period when most states remained in partial lockdowns to contain the virus spread, home sales, and new launch numbers started to pick up in June, with the gradual lifting of restrictions," PropTiger said.
Dhruv Agarwala, Group Chief Executive Officer, Housing.com, Makaan.com & PropTiger.com expect demand to improve in the upcoming quarters as India's vaccination programme is likely to gather pace.