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Despite festive recovery, July-December housing sales see a decline: Knight Frank

Updated : January 06, 2021 02:14 PM IST

Indian real estate may have staged a breathtaking recovery in the run-up to and during the festive season, but that rally wasn’t enough to stop declining residential sales and launches in the last six months of 2020, reveals a study.

On Wednesday, property consultant Knight Frank India’s released its real estate report, which said that the top eight property markets pan-India sold about 94,997 residential units between July and December, a 19 percent year-on-year decline. The report added that launches stood at 86,139 new homes — a fall of 23 percent year-on-year.

“The first half of the year witnessed a complete standstill of activities due to the forced lockdown starting March 2020, followed by encouraging government and central bank interventions at rapid intervals and tryst of the medical fraternity for vaccine development, which holds the potential to bring stability,” said Shishir Baijal, Chairman and Managing Director, Knight Frank India

Oct-Dec quarter shows signs of recovery

While the tepid sales and launch numbers are no doubt a reflection of the dullness prevalent right through the COVID-19 pandemic, the October-December quarter saw stellar festive sales. Soaking up the festive boom, the last quarter of 2020, Knight Frank’s report said registered a whopping 61,593 residential units in sales, up 84 percent from the previous quarter. This period also saw a more-than-healthy 55,033 launches pan-India.

“A significant amount of latent demand came to market during the festive season in Q4 2020 and as a result, with 84 percent quarter-on-quarter jump, housing sales reached an exact 100 percent of pre-COVID-19 levels,” Baijal added.

Mumbai the top performer, Bengaluru the worst

Through the general gloom, the Mumbai Metropolitan Region seems to have been the standout performer in sales. The city sold 30,042 residential units, a pleasantly surprising 10 percent rise in year-on-year sales. Taking a cue from its neighbour, Pune saw a similar 9 percent jump in sales. In all, Mumbai and Pune were the only two cities that saw a spike in year-on-year sales.

The worst performer in H2 2020 was Bengaluru, which the report says sold only all of 11,402 units in the second half of last year, registering a massive fall of 43 percent year-on-year. In fact, Bengaluru ended the year selling 51 percent fewer units when compared to 2019.

Among the long list of other poor performers in 2020 were cities like NCR, Hyderabad and Chennai registered a sales decline of 31 percent, 34 percent and 29 percent, respectively between July and December.

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