Housing sales across seven major cities are estimated to fall 47 per cent year-on-year to 1.38 lakh units this year on lower demand because of the COVID-19 pandemic, according to property consultant Anarock.
New housing supply, too, is likely to fall 46 per cent to 1.28 lakh units in 2020 in seven cities -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Pune, Bengaluru, Hyderabad, Chennai and Kolkata.
Releasing its data 10 days before the end of this year, Anaraock said the total home sales in seven cities are estimated at over 1.38 lakh units in 2020 against 2.61 lakh units in 2019. New housing supply in 2020 declined to 1.28 lakh units this year from about 2.37 lakh during 2019.
While residential real estate bottomed out in 2020 against the previous peak of 2014, there are strong revival signs during the October-December quarter, the report said.
Commenting on the data, Anarock Chairman Anuj Puri said: "2020 has been an unprecedented year due to COVID-19, causing all-round upheaval. However, the residential segment was quick to pick up momentum in the last two quarters of 2020 on the back of growing homeownership sentiment - catalysed by the exigencies of the pandemic".
This pent-up demand was further accelerated by the ongoing discounts and offers, the prevailing lowest-best home loan interest rates and limited-period stamp duty cuts in states such as Maharashtra, he added.
Mumbai Metropolitan Region is expected to see maximum sales of about 44,320 units this year followed by Bengaluru with 24,910 units.
As per the data, housing sales in MMR are likely to be around 44,320 units this year, a decline of 45 per cent from 80,870 units in 2019.
In Bengaluru, housing sales are estimated to fall 51 per cent to 24,910 units in 2020, against 50,450 units in 2019.
Housing sales in Pune are expected to drop 42 per cent to 23,460 units in 2020 from 40,790 units last year.
Delhi-NCR is likely to witness a fall of 51 per cent in sales to 23,210 units in 2020 from 46,920 units last year.
The sales of residential properties in Hyderabad may decline by 48 per cent to 8,560 units in 2020 compared to 16,590 units in 2019.
In Chennai, housing sales are expected to dip at 6,740 units this year as against 11,820 units in 2019.
Housing sales in Kolkata are seen at 7,150 units in 2020 against 13,930 units in 2019, a 49 per cent yearly drop.
The unsold housing stocks are likely to decline 2 per cent to 6,38,020 units this year from about 6,48,400 units in 2019-end.
Realtors' apex bodies CREDAI and NAREDCO do not compile data of new supply and sales of their total 25,000 developer members. The housing market data are being provided by a few property consultants and data analytics firms on a quarterly basis. Listed real estate companies also provide their own quarterly sales bookings and launch numbers.