Home sales plunge in April-May due to second wave of Covid-19
Real Estate

Home sales plunge in April-May due to second wave of Covid-19

Residential housing sales and launches saw a decline in the months of April-May in top property markets of India as the second wave of Covid-19 impacted several market sectors in India.

This impacted the moderate recovery that housing sales saw till March this year. According to the Edelweiss Research report, residential sales dropped by 60% in April from the preceding month amid the Covid-19 crisis. New project launches in April dropped by 53% from March and stood inactive for the direct fifth month.

Builders told the media that sales bookings continue to remain negligible even in May because of state-wise lockdown prevailing. Both sales and project launches were 92% and 110%, respectively, since a year ago, due to last year's nationwide lockdown, Edelweiss report states.

The south markets of Bengaluru and Hyderabad dropped by 50% from March, less affected in terms of sales during April, whereas, Mumbai metropolitan region and Pune dropped by 64% and 65%, respectively, since a year back.

The managing director of Hiranandani Group, Niranjan Hiranandani, said that the real estate market turned worse in May. Nevertheless, labour emigration is far less in the second wave as compared to the first. He also said they lost around 25% of labour at this time, and both the residential and official launches are postponed till June.

The managing director of Salarpuria Sattva group, Bijay Agarwal, said that the impact of the second wave of Covid-19 has been severer.

He further added residential sales were taking place the previous year despite the lockdown, but at this time, the impact on business is more. Two-three project launches in Bengaluru have been shifted later in the year.

Shriram Properties ascribes the sales drop due to the absence of site visitors and homebuyers.

Image Source


Also read: Maha property registrations & revenue drops by 60% due to Covid-19 curbs

Also read: Property registrations across Karnataka halted as state announces lockdown

Residential housing sales and launches saw a decline in the months of April-May in top property markets of India as the second wave of Covid-19 impacted several market sectors in India. This impacted the moderate recovery that housing sales saw till March this year. According to the Edelweiss Research report, residential sales dropped by 60% in April from the preceding month amid the Covid-19 crisis. New project launches in April dropped by 53% from March and stood inactive for the direct fifth month. Builders told the media that sales bookings continue to remain negligible even in May because of state-wise lockdown prevailing. Both sales and project launches were 92% and 110%, respectively, since a year ago, due to last year's nationwide lockdown, Edelweiss report states. The south markets of Bengaluru and Hyderabad dropped by 50% from March, less affected in terms of sales during April, whereas, Mumbai metropolitan region and Pune dropped by 64% and 65%, respectively, since a year back. The managing director of Hiranandani Group, Niranjan Hiranandani, said that the real estate market turned worse in May. Nevertheless, labour emigration is far less in the second wave as compared to the first. He also said they lost around 25% of labour at this time, and both the residential and official launches are postponed till June. The managing director of Salarpuria Sattva group, Bijay Agarwal, said that the impact of the second wave of Covid-19 has been severer. He further added residential sales were taking place the previous year despite the lockdown, but at this time, the impact on business is more. Two-three project launches in Bengaluru have been shifted later in the year. Shriram Properties ascribes the sales drop due to the absence of site visitors and homebuyers. Image Source Also read: Maha property registrations & revenue drops by 60% due to Covid-19 curbs Also read: Property registrations across Karnataka halted as state announces lockdown

Next Story
Infrastructure Transport

NHAI Set to Launch Green Bonds Valued at Rs 10 billion

Reiterating its commitment to promote environment sustainability and development of green highways, National Highways Authority of India’s fully owned Special Purpose Vehicle (SPV) ‘DME Development (DMEDL) will issue green bonds to raise funds for the implementation of environment friendly measures on Delhi-Mumbai Expressway project. To be held under closed bidding system, the aggregate total size of the issue will be up to Rs10 billion with a base issue size of Rs 5 billion. There will be a green-shoe option to retain oversubscription up to Rs 5 billion. The first of its kind green bond i..

Next Story
Infrastructure Transport

Govt may Offer 35% Subsidy for Goods Transport via Inland Waterways

To enhance the transportation of goods through rivers, which currently constitutes only 2 per cent of India’s total freight movement, the government is planning to introduce a three-year subsidy scheme for cargo owners opting for inland waterways. Under the proposed initiative, a 35 per cent subsidy for transportation on national waterways 1, 2, and 16 is expected to shift around 800 million tonne-kilometres (tkm) of cargo to inland waterways, as per the Ministry of Ports, Shipping, and Waterways. (Tkm measures cargo transportation by multiplying the metric tonnes of goods by the distance ..

Next Story
Infrastructure Urban

NDMC to Install 139 Eco-Friendly Rainwater Harvesting Pits in Delhi

To conserve rainwater, the New Delhi Municipal Council (NDMC) has finalized a plan to construct 139 modular water harvesting pits, with work expected to begin soon. According to NDMC Vice-Chairman Kuljeet Chahal, 95 of these pits will be built by the road division, while the remaining 44 will be handled by the building department. He explained that the tendering process for the project has already been completed, and construction can commence shortly. Chahal highlighted that these pits are environmentally friendly, cost-effective, require minimal maintenance, and can be constructed quickly. ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000