Report: Housing sales dropped in nine major cities by 9%.

According to a survey, housing sales fell in nine cities by 9% between October and December to 60,453 units as a result of the economic downturn and liquidity crisis.

PropTiger recently reported a 30 per cent decrease in sales in nine cities between October and December quarter. In 2019, however, Knight Frank India and Anarock realty consultants said that there is been an increase in sales by 1 and 5 per cent in the real estate industry.

“There has been a 9% drop in absorption compared to the same period last year, and new launches have dropped by 10% on a year-over-year basis, primarily due to the economic recession and liquidity crisis on the sector,” says PropEquity in its Q4 report.

The nine cities studied by the PropEquity are Mumbai, Thane, Pune, Chennai, Bengaluru, Kolkata, Noida, Hyderabad and Gurugram.

“Residential property market tends to be an end-user-driven sector given that they are prepared for move-in or nearing completion properties are being preferred. Customers are now searching for developers with impressive track records as far as quality and execution are concerned,” it added.

The Pune housing sales in October-December were recorded to have decreased by 9% to 15,453 units compared to the year-ago period.

Thane and Hyderabad experienced a 16 per cent decline at 11,933 units and 4,643 units, while Bengaluru and Mumbai saw a 12 per cent decline at 10,263 units and 5,996 units respectively. The housing sales in Chennai also fell by 14% to 3,632 units.

However, housing sales in Kolkata increased by 26% to 4,743. The sales of Gurugram’s housing sector rose 19 per cent to 2,175 units and Noida by 20 per cent to 1,615 units.

Samir Jasuja, Prop Equity’s founder and managing director said, “We expect markets to rebound in 2020 and expect the government to announce positive steps in the next budget.