Realty sales decline 62% in Delhi-NCR | Noida News


NOIDA: The multi-year slump in the real estate sector has only got accentuated with the pandemic. A report by property consultants Anarock has revealed that the real estate sector has been hit the hardest by the pandemic in the first nine months of this year, with nationwide sales from January to September falling by 43% as compared to the same period in 2019.
Nationally, the total worth of property sold in the last nine months of this year was Rs 88,730 crore in the seven top cities sampled for the study — Bengaluru, NCR as a collective, Pune, Hyderabad, Kolkata, Chennai and MMR. The total sales value for the same period in 2019 was a little over Rs 1,54,320 crore, thus showing a decrease of Rs 65,590 crore.

And in NCR, the total sales for the period was worth only Rs 9,430 crore as compared to nearly Rs 24,860 crore in 2019, marking a 62% drop in sales. Gurgaon sold units worth just Rs 3,800 crore this year as compared to Rs 10,136 crore last year, and is the worst hit among NCR cities.
Similarly, Noida’s sales came down from Rs 3,899 crore last year to Rs 1,519 crore this year and Greater Noida from Rs 5,723 crore in 2019 to Rs 2,066 crore this year.
Ghaziabad had clocked sales worth Rs 2,845 crore in 2019 for the period but in 2020, it has shrunk to Rs 1,055 crore. Other cities like Faridabad, Delhi and Bhiwadi have also been clustered in the NCR. Delhi’s sales have reduced from Rs 1,364 crore in 2019 to only Rs 655 crore this year.
However, the Anarock data tracking has shown promising growth signs in this period of nine months in 2020, where sales figures have shot up significantly in the second quarter of the financial year — July, August September — compared to the first quarter. The Anarock calculations, however, take January to December as a full accountable year for sales.
In NCR, the sales figures in July-September 2020 shot up to Rs 3,246 crore as compared to Rs 1,263 in April-June quarter. While Gurgaon builders had sold only Rs 467 crore worth sales between April and June this year, it shot up to Rs 1,371 crore worth sales in the second quarter. Noida sales shot up from just a Rs 191 crore sale in the first quarter of this fiscal to about Rs 483 crore in July-September.
In Greater Noida too, sales figures shot up from Rs 271 crore in April-June to Rs 694 crore worth sales in July-September. Ghaziabad sales figures also shot up from Rs 165 crore in the first quarter to Rs 332 crore in the second one.Anuj Puri, chairman of Anarock, said, “As was to be expected, April to June sales was lacklustre given the lockdown and overall pressures on the economy. What is remarkable is how the next quarter stacked up, clearly indicating that buyer sentiment was in place and merely held at bay by uncertainty. Based on these results, there is now every reason to look at this festive season with confidence — homebuyers are back.”
“This return of sentiment, coupled with various festive offers and with attractive financial schemes, will produce a marked uptick. Between January and September 2020, as many as 87,460 units were sold across the top seven cities as against a little over 2 lakh units sold a year ago. The upcoming festive quarter will very probably see home sales values go up on the back of increased demand,” he added.
Commenting on the sales report, Amit Modi, president of Credai (western UP), said, “The poor sales of April-June was obvious and expected, but things have begun to slowly change.”

Source link


Please enter your comment!
Please enter your name here