Survey: Prices of houses/flats likely to be down by 47% in 7 major cities!
Posted on: 22/Dec/2020 12:48:22 PM
It has been established in a survey that there would be a substantial reduction t the extent of 47% in the price of houses/flats/apartments in 7 major cities across India.
The major Property Consultancy Concern, Anorak, has shared the details on the above-mentioned survey:
�The raging coronavirus pandemic has caused a major slump in the real estate business and has substantially reduced the demand for the houses/flats/apartments. Only 9 more days are left for the year 2020 to conclude! It is worth mentioning here that during the year 2019, the sales of the houses/flats/apartments increased by Rs. 2.61 Lakhs in the 7 major cities.�
As compared t 2019, this has come down to Rs. 1.28 Lakhs in 2020.
Following the announcements of concessions and discounts, the temp of the real estate business has picked up during the months from October to December. Further, the reduction in the interest rates for Housing Loans, the reduction in the Stamp-paper charges, etc., have facilitated an increase in sales of houses in the State of Maharashtra.
In the current year, the sales of the number of houses in the Mumbai Metropolitan Zone will come down from 80870 to 44320, a reduction by 45%! In Bengaluru city, it will come down from 50540 to 24910, a reduction of 51%. In Pune, it will be down by 42%. In Delhi/NCR, it will be 51%.
As regards the Chennai Metro City, 11820 houses were sold last year. It is expected that this year, it will be down to 6740. Similarly, in Kolkata, it will come down from 13930 to 7150, a reduction by 49%!
During the end of the year 2019, 648400 houses remained unsold! As compared to this, it is expected this year, it will come down by 2% to 638202 as reported by Anorak.
