Housing sales declines in Q3FY20: PropTiger report

     New project launches in India’s nine key residential markets shows a decline, falling 44% in Q3FY20, primarily on liquidity concerns, as per the report by PropTiger.com, part of Elara Technologies, that also owns Housing.com and Makaan.com.  

    New launches fell across markets, with Kolkata and Gurugram seeing the biggest fall, at 79 and 74%, respectively.   As buyers showed greater faith towards ready homes, inventory levels, declined 12% during the quarter.    

    Housing sales in India’s nine key property markets fell 30% annually during the October-December quarter despite the government launching several measures in the recent past to revive buyer sentiment. As against 91,464 units sold during the quarter last year, only 64,034 homes were sold across the nine markets in Q3 this year.

   According to “Real Insight Q3FY20”, a quarterly analysis of India’s nine key property markets by PropTiger DataLabs, the ongoing industry concerns related to the NBFC sector, on which real estate developers largely depend on for their financial needs, has made borrowing difficult for builders at a time when a demand slowdown has hit housing sales.