PremiumBENGALURU: Sales of residential units fell 60% sequentially in April, as India battled a vicious second wave of covid-19 infections. Fresh project launches too dropped by 53% month-on-month, and remained subdued for the fifth consecutive month, according to a report by Edelweiss Research on Wednesday.
However, both sales and launches were up 92% and 110%, respectively, on a year-on-year basis, given the Centre had imposed a strict nationwide lockdown last year due to contain the spread of the pandemic.
The southern markets of Hyderabad (-49% m-o-m) and Bengaluru (-50% m-on-m) were less affected in terms of sales in April, while Mumbai Metropolitan Region (MMR) and Pune were down 64% and 65%, respectively, year-on-year.
“With demand outstripping supply over the past year, unsold inventory dipped 13% y-o-y in April 2021, Pune and MMR witnessed maximum rate of correction in inventory at 22% and 18% y-o-y respectively. National Capital Region (NCR) remains the worst real estate market with 65 months of inventory," the Edelweiss report said.
Around 422,000 residential units scheduled to be completed in the top seven cities may face some delays due to restrictions and disruptions due to the second wave of the covid-19 pandemic, data from Anarock Property Consultants showed in May.
In terms of completions, National Capital Region (NCR) would see the maximum with a nearly 28% share, followed by Mumbai Metropolitan Region (MMR) with 26% and Pune with around 18%.
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