COVID-19 impact: Here’s how much prices of premium properties have fallen in Mumbai and Delhi NCR
Some premium properties in Mumbai have seen a 15-20 percent correction, while the Delhi NCR has seen a 10 percent drop in some pockets. Developers slashed prices during the peak of the pandemic due to the uncertainty caused by the lockdown.
Representative Image (Source: Reuters)
For almost a year, Abhinav Sagar (name changed), a construction material dealer, had been hunting for a high-end property in Mumbai. In August 2020, he settled on a 400 sq m ready-to-move-in residential unit in Malabar Hill for around Rs 50 crore and registered it two months later at a discounted stamp duty rate, benefiting by almost 20 percent. This was thanks to Covid-19 and the resultant cash flow issues being faced by the developer.
While 58,914 units were sold during the three months, only 182,639 units were sold through all of 2020. Compared to the overall sales registered in 2019, the numbers achieved in 2020 show a 47% decline.
: Monday, January 11, 2021, 8:52 PM IST
Unsold housing stocks down 9pc in 2020 at 7.18 lakh units; builders may take 4yrs to exhaust
The housing brokerage firm, which is a part of News Corp and REA backed Elara Technologies, on Monday released its report Real Insight Q4 2020 , a quarterly analysis of India s eight prime residential markets.
Mumbai construction skyline
Unsold housing inventories fell 9 per cent across eight cities in 2020 at 7.18 lakh units on sharp decline in new launches, but builders will now take nearly four years to clear these stocks at current low sales velocity, according to PropTiger.
The housing brokerage firm, which is a part of News Corp and REA backed Elara Technologies, on Monday released its report Real Insight Q4 2020 , a quarterly analysis of India s eight prime residential markets.
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Oberoi Realty, Godrej Properties, others rise up to 7% as Maharashtra cuts levies on realty projects by 50%
Share of Oberoi Realty rose 6.88% to Rs 628 against previous close of Rs 587.55. Share of Sunteck Realty too gained 6.34% to Rs 369 in early trade against previous close of Rs 347.30.
BusinessToday.In | January 7, 2021 | Updated 11:52 IST
Godrej Properties share climbed 4.5% to Rs 1,527 against previous close of Rs 1,460. Stock of Indiabulls Real Estate rose 5.86% to Rs 83 in early trade against previous close of Rs 78.40.
Real estate stocks such as Godrej Properties and Oberoi Realty rose up to 7% in early trade today after Maharashtra government on Wednesday gave nod to a proposal to reduce levies on real estate by 50% until December 2021. The move is likely to lead to reduction in prices of houses in the state.