New Delhi: The real estate sector has been plagued by problems for a long time. But the economic shock caused by the corona infection has made it even weaker. The last few months have seen a big drop in demand. Between July and September this year, house prices in the country’s top six cities have dropped significantly. According to one report, it has dropped by two to seven percent.
House prices have fallen by seven per cent
According to a PTI report, property consultancy Knight Frank India said house prices in the country’s top six cities have fallen by two to seven per cent. These cities include Delhi-NCR, Mumbai, Chennai, Pune, Kolkata and Ahmedabad. However, the average house prices in Bangalore and Ahmedabad have gone up by three and four per cent respectively during this period.
The biggest drop in prices in Chennai
According to the report, the biggest drop in house prices has been in Chennai. This was followed by a five per cent decline in Delhi NCR and Pune. Kolkata and Ahmedabad saw a decline of three per cent and Mumbai two per cent. In six of the country’s eight cities, average house prices have come down on an annual basis. According to the report, 33,403 residential units were sold in the September quarter.
That’s three-and-a-half times more than the 9,632 units sold in the June quarter. The third quarter of 2020 saw a significant improvement in sales and launches, according to Shitir Baijal, MD, Knight Frank India. The focus of developers is on emptying inventory. Home buyers are increasingly preferring ready-made property.