Housing sales shrink 79% in top 8 cities, record 86% drop in Hyderabad

TIL Desk/Business/Bengaluru/ Housing sales plunged 79 per cent to 19,038 units across eight major cities in April-June, as demand was badly impacted due to the nationwide lockdown to control COVID-19 pandemic, real estate brokerage firm PropTiger said on Tuesday.

According to the data, housing sales declined maximum 86 per cent 1,099 units in Hyderabad during April-June 2020, as against 8,122 units in the year-ago period. Releasing its latest report ‘Real Insight: Q2 2020’ through video conference, News Corp-backed PropTiger said that sales of residential properties fell 52 per cent to 88,593 units across eight cities during January-June period this year.

The cities tracked in the report are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR (Noida, Greater Noida, Gurugram, Ghaziabad and Faridabad), MMR (Mumbai, Navi Mumbai, Thane) and Pune. Mumbai saw 85 per cent fall in the second quarter of 2020 to 4,559 units, from 29,635 units in the corresponding period previous year.