In a report released by PropEquity, India’s leading
real estate data, research and analytics firm, sales or absorption of housing
units dropped by 19% across top 9 cities in India in the first quarter of 2020
to 55,138 units versus 68,216 units in Q4 2019.
The new supply or launches of housing
units also decreased by 13% during the same period to 50,361 units from 58,049
units in Q4 2019.
Real estate transactions in Q1 2020
primarily happened in January and February as the industry almost went
standstill March onwards due to various measures and lockdown announced by the
Indian government to combat the spread of Corona Virus epidemic.
Noida, Bengaluru, Mumbai and Thane
were the only cities where new launches witnessed a growth in Q1 versus Q4 at
9%, 16%, 20% and 4% respectively. These new launches were also primarily witnessed
in January and February.
“Beginning of Q1 was relatively better for the Indian
real estate sector as many projects which were rightly priced attracted decent
demand, especially for the projects which were nearing completion. However, since
March mid onwards, the real estate market came to a grinding halt due to the
lockdown announced by the government, we expect transactions to resume only
when there is certainty that the infection is contained and the number of cases
start dropping,” Mr. Samir Jasuja,
founder and managing director at PropEquity said.
|
Note: The provided residential
dataset comprises of Apartments data only and includes lottery projects. |
Cities
Gurgaon
Gurgaon saw a fall of 51% in new launches as compared to the last
quarter. The New launches stood at 3,060 units in Q1’20. Sales also decreased
by 45% in the sequential quarter at 1,650 units.
Noida
In Q1’20, Noida witnessed a 9% increase in new launches on a Q-o-Q
basis. Whereas, sales decreased by 26% to 1,177 units during the same period.
Mumbai
New launches witnessed an increase of 20% on a quarterly basis with 4,668
units launched in Q1’20 while the absorption dropped by 11% to 5,332 units.
Kolkata
Kolkata witnessed 2,740 new launch units in Q1’20 decreasing by 40% on a
Q-o-Q basis. Sales dropped by 24% to 3,673
units in Q1’20.
Hyderabad
Hyderabad saw a decline of 32% in new launches on a quarterly basis. The
New launches stood at 3,777 units. Sales also fell by 25% to 4,349 units.
Bengaluru
India’s IT capital saw a quarterly increase of 16% in new launches with
9,766 units launched in Q1’20. Sales dropped by 17% to 9,059 units during the
same period.
Pune
Pune witnessed new supply of 9,919 units in Q1’20, which is 23% lower than
the launches in Q4’19, absorption also decreased by 21% to 13,738 units.
Chennai
As compared to the
previous quarter, Chennai saw a decline of 21% in new launches in Q1’20. The
new launches stood at 2,234 units. Sales also decreased by 19% to 3,265 units
in Q1’20.
Thane
Thane witnessed an
increase of 4% in new launches on a quarterly basis with new supply of 12,907
units in Q1’20, absorption stood at 12,895 units decreasing by 12% on a
quarterly basis.
About PropEquity:
P.E.
Analytics owns and operates PropEquity which is India’s largest online real
estate data
and analytics platform covering over 1,18,010
projects of 34,217 developers across over 44 cities in India. We add
approximately 300 projects every month. It is a premier Business Intelligence
product- a first of its kind in India in the Realty space.
For media enquiries,
please contact:
Kanishk Srivastava
+91-7651810590
