Home sales fell 58 percent in April-June quarter due to Covid-19: report

Due to the second wave of Kovid-19, home sales in the seven major cities of the country declined by 58 percent in the April-June, 2021 quarter, data analytics company ProPacity said in a report on Saturday. According to data, residential property sales were 45,208 units in the April-June, 2021 quarter, compared to 1,08,420 units in the previous quarter (January-March 2021).

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“The second wave of Kovid-19 in India experienced a 58 percent drop in sales in April and May,” said ProPquity in a statement. Strict lockdown in major cities in India has affected the sale of houses because residential registrations have been halted and home loan issuance has slowed, the statement said.

Bangalore, Chennai, Hyderabad, Kolkata, Mumbai metropolitan area, Delhi-NCR and Pune increased by 55%, 59%, 49%, 57% and 63% respectively in the second quarter of 2021. In the first quarter of 2021, declines of 43 per cent and 62 per cent, respectively. However, on an annual basis, this quarter has seen an increase in sales compared to the same period in 2020. In the April-June 2021 quarter, the company’s sales in the seven major cities increased by 51 per cent to 45,208 units compared to 29,942 units in the April-June 2020 period.

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