House unit sales and new launches have plunged to a new low in the April to June quarter of 2020 (Q1FY21) which was severely impacted by the lockdown to prevent spread of COVID-19.
Latest research by Anarock Property Consultants has revealed that residential sales in the Q1 of FY21 plummeted by 81% on a yearly basis in top 7 cities from 68,600 units in the Q1 FY20 to 12,720 units in Q1 FY21.
Concurrently, new launches fell by 98% in the period, with merely 1,390 units getting launched this quarter.
Anuj Puri, chairman, Anarock Property Consultants said, “A massive drop in both new launches and housing sales were, of course, expected on the back of a complete lockdown for most of this quarter.”
“Interestingly, MMR – one of the most COVID-19-affected cities – witnessed maximum housing sales of nearly 3,620 units among all cities, followed by Bengaluru with approximately 2,990 units. Technology adoption has played a big role in housing sales of late, with many developers now strengthening their digital sales capabilities,” he said.
MMR and NCR witnessed significantly lower sales as compared to previous year. Sales in NCR and MMR decreased by 83% each in Q1 FY21 against Q1FY20.
Current quarter sales were recorded at 2,100 and 3,620 units, respectively. Sales in Hyderabad decreased by 85% in a year – from 4,430 units to 660 units. On a quarterly basis, sales declined by 75%. Pune and Kolkata witnessed a 79% yearly decline each.
Approximately 2,990 units were sold in Bengaluru against 13,150 units a year ago, a decline of 77%.
Negligible new supply in the quarter led to a reasonable decline of nearly 5% in the unsold stock on a yearly basis. The unsold stock in Q1 FY20 was more than 6.34 lakh units, which has now reduced to approximately 6 lakh units as on this quarter, as per the study.