Wednesday, Dec 8 2021 | Time 09:02 Hrs(IST)
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Business Economy


Covid second wave slashes housing sales by 58 pc in Q2 2021: PropEquity Study

Hyderabad, Jul 31 (UNI) Housing sales or absorption fell by a massive 58 per cent as India witnessed the major brunt of the COVID second wave in April and May, said PropEquity, India’s leading real estate data, research and analytics firm, in its study report released recently.
Stringent lockdown across major cities in India impacted housing sales as home registrations were also suspended including slow pace of home loan disbursals, the report said.
Bengaluru, Chennai, Hyderabad, Kolkata, MMR, NCR and Pune are the cities where home sales witnessed a fall in Q2 2021 against Q1 2021 at 55 percent, 59 percent, 49 per cent, 57 per cent, 63 percent, 43 percent and 62 percent respectively, it revealed.
The new supply or new launches of housing units also decreased by 54 per cent in the same period to 34,053 units from Q1 2021 at 74,196 units.
“These are unprecedented times for the world economy and India is one of the hardest hit countries due to COVID-19 epidemic. Real estate sector, which was slowly recovering by March, was hit with the second wave”, said Mr. Samir Jasuja, founder and managing director at PropEquity.
Going ahead, we may witness resizing of units, marketing-led discounts, amenities and special payment schemes to be offered by developers to boost demand, especially during the beginning of the festive season, he added.
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