The second wave of Corona has given a major blow to the demand for houses in the April-June quarter. In the eight metropolitan cities of the country, there has been a 55 percent decline in the sale of houses in the April-June quarter compared to its previous quarter. In the Delhi-NCR market, the situation is even worse. Here the sale of housing property fell by 70 percent. Due to the second wave of Corona, there was a decline in inquiries related to houses in this market. The lockdown period between April and May 31 proved to be very bad for the properties of Delhi-NCR. After June, some demand started showing but due to partial lockdown, the process of recovery is very slow.
Housing property sales down 70 per cent in Delhi-NCR
Insight report (April-June, 2021) of 99acres states that housing property sales in Delhi-NCR in the April-June quarter fell by 70 per cent compared to its previous quarter. Many developers postponed the new launch till the third quarter, so there was a decline in the new supply of houses. Still 1.5 lakh houses have not been sold here. Till June 2021, so many housing properties are lying in Delhi-NCR. It will take about five years to clear this inventory.
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Demand for houses collapsed due to Corona
Manish Upadhyay, Chief Business Officer, 99acres.com said that due to the second wave of Corona, the property market was badly affected like other markets. Due to the lockdown, there was a huge drop in transactions in this sector. In January-March There was a surge in site visits from customers but it almost came to a standstill in April-June. He said that it is not surprising because people were spending on healthcare and medicines due to Corona.
During the April-June quarter, the Noida and Greater Noida markets saw a sharp drop in property prices. Although the re-sale market saw some uptick due to GST benefits and lower risk, the sales in the primary market were in bad shape. New housing sales at both the places saw a decline of up to 60 per cent in April-June compared to its previous quarter.