New Delhi: The property market in all the three major cities of South India have been badly affected by the corona virus-led lockdown. Bengaluru, Hyderabad and Chennai have seen 23-39 percent lower sales of residential properties in the fourth quarter of the fiscal 2019-20 as against the same period of previous fiscal.
In Bengaluru, only 8,197 homes were sold in the fourth quarter of 2019-20 fiscal as against 10,730 houses in the same period of the previous financial year, representing a drop of 24 percent according to a report by real estate portal Proptiger.com
In Hyderabad, only 5,554 homes were sold in the fourth quarter of 2019-20 fiscal as against 9,178 houses in the same period of the previous financial year, translating into a decline of 39 percent. The city of Chennai saw sales of just 3,643 homes in fourth quarter of the 2019-2020 fiscal as compared to 4,726 in the same period of the previous financial year, representing a decline of 23 percent.
Interestingly, Hyderabad saw the highest jump in property prices between the two periods as compared to any other major city. The prices went up by 9 percent in the period. There was no change in prices in Chennai in the given periods.
The reduction in unsold stock of ready houses saw decline in all the three cities. Bengaluru had a stock of 75,001 houses at the end of fourth quarter of 2019-2020 fiscal. The same was 86,561 units at the end of the same quarter of the previous fiscal, thus declining by 13 percent.
Hyderabad had a stock of 31,118 houses at the end of fourth quarter of 2019-2020 fiscal. The same was 42,748 units at the end of the same quarter of the previous fiscal, thus dropping by 27 percent.
Chennai had unsold stock of 36,948 units at the end of fourth quarter of 2019-2020 fiscal. The same was 38,654 houses at the end of the same quarter of the previous fiscal, thus declining by 4 percent.