Corona spoiled real estate mathematics in 2020, know what the figures say
During the last year due to the Coronavirus epidemic, there was a 37 percent decline in housing sales and 35 percent in office leasing on an annual basis. However, there was a significant improvement in demand in the last quarter and it crossed the pre-Covid level. Knight Frank, a company providing property consulting, informed about this.
Knight Frank 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 percent to 1,54,534 in 2020 from 2,45,861 units a year earlier. Similarly, the total consumption of office sites declined by 35 percent from 606 lakh sqft in 2019 to 394 lakh sqft in the year 2020.
Improvement from October to December period
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.
50% decline in residential sales in the national capital Knight Frank India said that residential sales in the National Capital Region (Delhi-NCR) declined by 50 percent year-on-year to 21,234 units during the last year due to the Covid-19 epidemic. 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.
What do the figures say?
Residential sales declined in all eight major cities, with the highest fall in demand in Ahmedabad, while the lowest in Pune.
Ahmedabad was the worst hit in terms of residential sales, with sales down 61 percent to 6,506 units.
According to the data, residential sales in Pune fell by 18 percent to 26,919 units last year from 32,809 units in the previous year.
Similarly, sales in Mumbai declined by 20 percent.
The report said that sales in Mumbai and Pune increased during the last four months of 2020 after temporarily reducing stamp duty on registration of properties.
Residential sales in Delhi-NCR declined by 50 percent to 21,234 units during 2020 from 42,828 units in the previous year.
Demand in Bangalore declined by 51 percent to 23,079 units during the period under review.
