Study sees up to 70% drop in realty deals in key markets

Steep rise in enquiries despite softening of sales

Covid-19 continues to undermine growth in the Indian realty sector, as demand has softened in most of the major cities, as per a report by 360 Realtors. The distress is more visible in markets like Gurgaon, where a sharp 70 percent monthly reduction in transaction volumes has been registered. However, in other IT-centric markets like Pune, & Bangalore, the deceleration is more indistinct, as realtors can sell properties through online platforms.

Interestingly, there is a steep rise in enquiries with Pune witnessing monthly enquiries growing by 220 percent, while in Bangalore the rise is pegged at 140 percent, the study revealed.

“The industry was highly hopeful that 2020 will be a turnaround year where trends will revive. However, after the lockdown following the outbreak of Coronavirus, industry activities have come to a momentary halt. Construction activities have been suspended and site visits are not taking place,” Ankit Kansal, founder and MD, 360 Realtors said.

Most of the new launches have either been suspended or have been delayed. Developers are taking a backseat & are back to the drawing board to relook into their sales strategy. However, there have been instances of online launches. Numerous leading brands such as Godrej & Prestige embraced the digital way. There has also been considerable increase in enquires, as people are getting extra time to research & learn about properties.

Every stakeholder in the industry from individual buyers to larger corporate is in wait and watch mode. Potential buyers and investors are deferring their decisions amidst these turbulent times.