An Unbelievable 55,000 Residential Units Sold between January to June During Covid-19: Anarock
In spite of the existing crisis created by the dangerous pandemic, 57,940 residential units got sold and the sales crossed all numbers in the first half of 2020, said a real estate consultancy organization named Anarock.
Are you aware of the decreasing sales in the H1 2020 Pan-India residential real estate round-up? The sales fell down by around 49 percent in H1 2020 as compared to H2 2019. Almost all Indian cities went through contraction and the 7 top Indian cities faced contraction estimated at 46 to 51 percent.
A Steep Decline in Residential Sales
There was a steep decline in the total half-yearly sales, because the Sales in Q2 accounted for the decline. The Q2 2020 unit sales became 72 percent lower than the previous quarter and rushed down around about 81 percent from Q2 2019.
Did you know that there was a minimal 2% decline in the unsold inventory in H1 2020 as compared to H2 2019? The sales kept exceeding all new launches bringing about an increased reduction in unsold inventory.
The all new launch supply reduced by around 56% in H1 2020, compared to H2 2019. The country wide lock-down that was implemented since the last week of March had a major impact on our Real Estate sector, resulting in undercover launches.
Q2 2020- Most Affected
Q2 2020 had been affected to the maximum extent with the launches being extremely low since 2013. At around this quarter, the new launch supply fell down by 97% more than Q1 2020 and about 98% every year.
There’s another thing to be noted. The part of affordable housing in H1 2020 was just 36% against 41% in H2 2019. In total terms, the half-yearly fall in this segment witnessed a major half yearly decline of around 61% and unfortunately, there wasn’t any new supply in the affordable segment in Q2 2020.
Anarock stated that “While the effect on the residential real estate segment has been a little too much. It is predicted that by then the vaccine against Covid-19 will either be available at every medicine store or people will already have the immunity to fight against the dangers that Covid has brought to their health. This is how the situation might slowly begin to improve.”