Real estate industry is still on a decline even after Government announced relief measures for the real estate sector. Reports released by various real estate consultants show that home sales witnessed a significant drop during the third quarter (July to September) of the 2019 calendar year. In a recent report released by PropEquity, a Gurugram-based real estate data and analytics firm, sales or absorption of housing units fell by 9% across top nine cities in India in the third quarter of 2019 to 52,885 units versus 58,060 units in Q2 2019. Sales also witnessed a dip of 10% compared to the same period last year.
Quarterly reports on real estate released earlier by ANAROCK Property Consultants and PropTiger, a real estate portal and broking firm, also stated considerable drop in sales. ANAROCK’s report for two major cities—national capital region (NCR) and Mumbai metropolitan region (MMR)—indicate decline in sales by 13% and 9% on a yearly basis respectively and 22% in both cities on quarterly basis. According to Proptiger, “During July-September quarter, sales reduced by 25% compared to the corresponding quarter last financial year. Quarter-on-quarter (Q1 FY20 versus Q2 FY20) comparisons also showed decline by 23%.”