New Delhi: Delhi NCR real estate market saw a decline of only 23 percent in terms of new home launches by developers while Mumbai saw a massive 61 percent drop in Q1 of 2020 over the same period of 2019.
Developers in Delhi NCR launched 6,190 homes in Q1 of 2020 as compared to 8030 houses in the same period of 2019. Mumbai, on the other hand, saw new launches of 10,480 houses in Q1 of 2020. Last year in the same period, Mumbai had seen launches of 26,850 units.
However, in terms of sales and reduction of piled up inventory, both the metros remained on equal footing in Q1 of 2020 over the corresponding period of 2019.
Mumbai witnessed sales of 8,150 homes in Q1 of 2020 as compared to 14,052 units in Q1 of 2019. Delhi saw sales of 13,910 homes in Q1 of 2020 as against 23,559 houses in Q1 of 2019, according to a report by ANAROCK Property Consultants.
Mumbai reduced its inventory of homes by 4 percent in the last one year. The unsold inventory in Mumbai was 2,13,180 units at the end of Q1 of 2020. The same was 2,22,330 units at the end of Q1 of 2019.
Delhi too cut is inventory of houses by 4 percent. The unsold inventory in Mumbai was 1,73,120 units at the end of Q1 of 2020. The same was 1,81,000 units at the end of Q1 of 2019.
The sales have been impacted due to the lockdown in the country due to the corona virus outbreak.
The Government has taken an inarguably necessary hard-line stance to curtail the spread of the virus. The lockdowns have stalled construction activity and will lead to project delays in the future, but this is a reality the sector must accept and live with,” said Anuj Puri, Chairman, ANAROCK Property Consultants.