New Delhi
The real estate sector of the country is not getting any support for the festive season demand this year and there is a continuous recessionary environment. In the second quarter of the current financial year, the sale of houses in major cities of the country has come down by almost 25 percent since last year. New projects have fallen by 45% during July-September this year compared to last year. These figures for the real state sector have been revealed in a report by PropTiger.com.
32% decline in new projects
According to the report, based on an analysis of nine major realty markets in India, new projects fell 32 percent in the second quarter as compared to the first quarter of the current financial year, while house sales fell by 23 percent. At the same time, on a half-yearly basis, where 1,70,715 houses were sold in the first half of the last financial year, 1,51,764 houses were sold in the first half of the current financial year.
house sales down 11%
Thus, the first half of this year in terms of house sales was down by 11 per cent over the previous year. Similarly, while 1,37,146 were launched in the first half of last year, only 83,662 units were launched in nine markets in India in the last six months of the current financial year, a decline of 39 percent. was.
Possession of only 2 lakh houses was given
between April and September this year . Possession of more than two lakh housing units is expected, more than four lakh new units are expected to be occupied in the remaining half of this financial year. Also 4.52 lakh ready-to-move houses are expected to join the market. The cities included in the analysis are Ahmedabad, Bengaluru, Chennai, Gurugram (Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (Navi Mumbai and Thane), Noida (Greater Noida and Yamuna Expressway) and Pune.
