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Impact of recession: Sharp decline in housing sales in major cities, read report here!
English.newstracklive.com  |  October 21, 2019

Mesheeka Das Mumbai

The economic slowdown in the country has had more impact on the real estate sector. There has been a sharp decline in voice sales in nine major cities. According to a report by real estate broking company Prop Tiger, housing sales fell 25 percent to 65,799 units in the July-September period. The offer for new projects also declined by 45 per cent. The decline has been due to a lack of customer perception and demand.

 

According to the report of anarock and JLL India at the beginning of October, housing sales in the seven major cities declined by 18 percent and one percent respectively in the July-September period. Prop Tiger has reported in it's Real Insight' report that 65,799 residential units have been sold in the nine major cities during the review period. The number was 88,078 units in the same period last year. The survey includes Mumbai metropolitan area (including Navi Mumbai and Thane), Pune, Noida (including Greater Noida and Yamuna Expressway), Gurugram (including Bhiwani, Daruhera and Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.

 

According to Alara Technology Group Chief Executive Officer Dhruv Agarwal, the government has started to address the problem of non-banking financial companies (NBFCs), but even then the offer for new residential units did not decline in the quarter ended September. Recently, the government has announced several relief measures. But till now it has not got to see any special effect.