Homes worth about ₹88,730 crore were sold during the first nine months of the current year in the top seven markets, which was a decline of 42.5%, or ₹65,590 crore, over the same period last year, according to Anarock Property Consultants. The decline was attributed to the impact of COVID-19.
The total value of homes sold in the seven markets — Bengaluru, Pune, Hyderabad, Kolkata, Chennai, Mumbai Metropolitan Region (MMR) and Delhi NCR, stood at about ₹1.54 lakh crore in the same period of 2019.
Between January and September 2020, as many as 87,460 units were sold across these cities as against about 2.02 lakh units sold in the year-earlier period, as per Anarock.
MMR clocked sales of ₹49,313 crore, followed by Bengaluru (₹12,569 crore), Delhi NCR (₹9,430 crore), Pune (₹8,692 crore), Hyderabad (₹3,116 crore), Kolkata (₹2,833 crore) and Chennai (₹2,777 crore)
‘Worst is over’
However, it added that the quarterly numbers indicated that the worst was over for the residential sector.
In July-September 2020, the value of homes sold rose by more than 2.3 times to about ₹29,731 crore, up from ₹12,694 crore in the preceding quarter (April-June 2020). In the January-March 2020 quarter, home sales value stood at about ₹46,306 crore.