Due to the Corona virus epidemic, there was a decline of 37 per cent in housing sales and 35 per cent in office leasing on an annual basis during the last year ie 2020. However, there was a significant improvement in demand in the last quarter and it crossed the pre-Kovid level. Property Frank Knight Consulting Company has given information about this.
Sales at 394 lakh sqft in the year 2020
Knight Frank on Wednesday released its report ‘India Real Estate – Residential and Office Updates, Second Half 2020. In this, the company said that sales of residential units in eight cities declined by 37 per cent to 1,54,534 in 2020 from 2,45,861 units a year earlier. Similarly, the total consumption of office sites decreased by 35 percent from 606 lakh square feet in 2019, to 394 lakh square feet in the year 2020.
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However, both the sales and rental office activity of residential units during the October to December period were higher than the year-ago quarter. Sales of residential units during the fourth quarter stood at 61,592 as compared to 58,402 units in 2019. During this period, the demand for office sites increased from 164 lakh square feet to 175 lakh square feet. Knight Frank India said that residential sales in the National Capital Region (Delhi-NCR) declined by 50 per cent on an annual basis to 21,234 units in the last year due to the Kovid-19 epidemic.
The biggest drop in demand in Ahmedabad
The report said that residential property sales in eight major cities declined to 1,54,534 units in 2020 from 2,45,861 units in the previous year. Residential sales declined in all eight major cities, with the highest fall in demand in Ahmedabad and the lowest in Pune. Ahmedabad was the worst hit in terms of residential sales, with sales down 61 per cent to 6,506 units.
Residential sales down by 50% in 2020 in Delhi-NCR
According to the data, residential sales in Pune declined by 18 per cent to 26,919 units last year from 32,809 units in the previous year. Similarly, sales in Mumbai decreased by 20 percent. The report stated that sales in Mumbai and Pune increased during the last four months of 2020 after temporarily cutting stamp duty on registration of properties. Residential sales in Delhi-NCR declined by 50 per cent to 21,234 units during 2020 from 42,828 units in the previous year. Demand in Bangalore declined by 51 per cent to 23,079 units during the period under review.