NCR Property Sales Down By 51% In 2020
Property sales in NCR declined 51% in 2020 compared with 2019. A year-end report released by property consultants, Anarock, revealed that compared to 46,920 units sold in NCR during 2019, only 23,210 units have sold in 2020.
Nationally, the decline in unit-wise sale of property has been marked at 47%. Data indicates that the top seven cities saw total home sales of over 1.3 lakh units in 2020 against approximately 2.6 lakh units in 2019 – a decline of 47%. In addition to the drop in sales, new housing supply in 2020 has also declined by 46% against the preceding year – from approximately 2.4 lakh units in 2019 to 1.3 lakh units in 2020.
The data reveals that the festive quarter (October-December 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% y-o-y jump in Q4 2020 against the same period in 2019. The new supply was dominated by strong branded developers. This strong growth in Q4 has set the stage for revival of residential activity in 2021 as well,” Puri added.
Nationally top seven cities saw housing sales of approximately 1,38,350 units in entire 2020 as against 2,61,370 units in 2019, declining by 47% Mumbai Metropolitan Region (MMR) saw housing sales of approximately 44,320 units in 2020, reducing yearly by 45%. Last year, the city saw total sales of nearly 80,870 units. In Bengaluru, housing sales touched 24,910 units in 2020 against 50,450 units in 2019 – a decline of over 51%.