Corona impact: 3.65 lakh crore houses awaiting for customers

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During the January-March quarter, home sales in the seven major cities of the country declined by 29 percent to 27,451 units, raising the value of inventory (unsold) to Rs 3.65 lakh crore. According to JLL, the real estate market has registered sluggishness due to customers' decision to postpone home buying amid the COVID-19 epidemic.

Sales of residential units declined to 27,451 units in the first quarter of the calendar year 2020, compared to 38,628 units in the same quarter a year earlier.

JLL said in its quarterly report, "Due to the ongoing economic crisis in the country, along with the economic slowdown, the sale of houses has also been killed. Buyers are postponing decisions related to their purchases. ”It said this was the second major drop in residential unit sales in the last five years. Earlier, the first quarter of 2017 saw a 37 percent decline in home sales due to demonetization. There has been a decline in sales in all seven major cities. Sales declined by 19 percent in Mumbai, eight percent in Chennai, 18 percent in Delhi-NCR and Pune, 35 percent in Kolkata, 41 percent in Hyderabad.

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