Amid the coronavirus contagion, housing sales and new launches have plunged 81 percent year-on-year to 12,720 units across India’s top seven cities in the second quarter of 2020, ANAROCK said.
New launches fell 98 percent with merely 1,390 units getting launched this quarter. New launches account for just four projects - two in Bengaluru and one each in Pune and Kolkata.
Housing sales dropped by 72 percent quarter-on-quarter while new launches fell by 97 percent, it said.
Interestingly, limited new launches helped unsold inventory in the top six cities to shrink by 5 percent to just over 6 lakh units in Q2 2020, it said.
"A massive drop in both new launches and housing sales were expected on the back of a complete lockdown for most of Q2. Interestingly, MMR – one of the most affected by COVID-19 – witnessed maximum housing sales of nearly 3,620 units among all cities, followed by Bengaluru with about 2,990 units. Technology adoption has played a big role in housing sales, with many developers now strengthening their digital sales capabilities,” Anuj Puri, Chairman, Anarock Property Consultants, said.New launches decline by 98 percent
Amid the global pandemic, the top seven cities saw only 1,390 units launched in Q2 against nearly 69,000 units in the corresponding period of 2019. On a quarterly basis, new launches fell by nearly 97 percent.
There were no new launches in MMR, NCR, Hyderabad and Chennai in Q2. Bengaluru added around 590 units (in two projects), witnessing a yearly and quarterly decline of 95 percent and 93 percent, respectively, the report said.MMR and NCR witnessed significantly lower sales
Approximately 12,740 units were sold in Q2, a YoY decline of 81 percent. In Q1, housing sales stood at 45,200 units, thus falling 72 percent QoQ. NCR, MMR, Bengaluru, and Pune together accounted for 85 percent of total sales in Q2.
MMR and NCR witnessed significantly lower sales as compared to previous year and the preceding quarter. Sales in NCR and MMR decreased by 83 percent each YoY and by 74 percent each over the previous quarter. Current quarter sales stood around 2,100 and 3,620 units, respectively.Overall unsold inventory shrinks 5 percent YoY
Negligible new supply in Q2 in the top six cities led to a reasonable decline of nearly 5 percent in unsold stock on a yearly basis. The unsold stock in Q2 2019 was more than 6.34 lakh units, which has now reduced to approximately 6 lakh units in Q2 2020. As against the previous quarter, the unsold stock decline stood at 2 percent, the report said.