Housing sales dip 57% in July-Sep in 8 cities

TIL Desk/Business/New Delhi/ Real estate brokerage firm PropTiger on Wednesday reported 57 per cent year-on-year decline in housing sales across eight major cities at 35,132 units due to the Covid pandemic, but said sales have recovered significantly from the previous quarter. During July-September 2019, sales of residential properties across eight cities stood at 81,886 units.

However, September quarter sales rose 85 per cent from the April-June quarter on the back of pent-up demand following the nationwide lockdown, according to the Real Insight Q3 2020 report released by News Corp-backed PropTiger through video conference.

The eight cities tracked by PropTiger are Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Delhi-NCR, Mumbai Metropolitan Region (MMR) and Pune.  “We are beginning to see green shoots all across the economy including the residential sector. Although sales and launches have declined year-on-year, but the demand and supply have gone up significantly from the April-June quarter,” PropTiger and Housing.com CEO Dhruv Agarwal told.