In the year 2020, the sales of houses have fallen by 37 percent on an annual basis.
In the year 2020, the sales of houses have fallen by 37 percent on an annual basis. While office space leasing demand decreased by 35 percent. The reason was the coronavirus epidemic. But in the last quarter, there was an improvement in demand and it came down to pre-COVID level. Property consultant Knight Frank India gave this information on Wednesday.
Drop in eight major cities
According to the report, the sale of houses in the National Capital Region (Delhi-NCR) has come down by 50 per cent to 21,234 units on an annual basis during the last year. Knight Frank said in its report ‘India Real Estate – Residential and Office Updates, Second Half 2020’ that residential property sales in eight major cities declined to 1,54,534 units in 2020 from 2,45,861 units in the previous year.
According to the report, residential sales declined in all eight major cities, with the lowest fall in demand in Ahmedabad and the lowest in Pune. According to the data, last year, residential sales in Pune declined by 18 percent to 26,919 units from 32,809 units in the previous year. Similarly, sales in Mumbai decreased by 20 percent.
Sales in Ahmedabad decreased by 61%
The report said that sales increased in Mumbai and Pune during the last four months of 2020 after temporarily cutting the stamp duty on registration of properties. Residential sales in Delhi-NCR declined by 50 per cent to 21,234 units during 2020, from 42,828 units in the previous year. Demand in Bengaluru declined by 51 per cent to 23,079 units during the period under review. Ahmedabad was the worst hit in terms of residential sales and sales fell 61 percent to 6,506 units.
However, the sale of houses and total office leasing during October-December was higher than in the same period of last year. Residential property sales reached 61,592 units in the fourth quarter of 2020 as compared to 58,402 units in the year-ago period. While office consumption has increased from 16.4 million square feet to 17.5 million square feet.