As per a report by Anarock Property Consultants, the demand in the real estate sector took a plunge towards the second half of 2019. This is primarily because of the housing sales that went down around 22 per cent in July-December compared to the total sales first six months. Further, out of the total 2.61 lakh units sold during the year so far in seven major cities, around 1.47 lakh flats were sold in the January-June period, and the remaining 1.14 lakh had been so far sold in the second half.
This slump in sales comes despite the slew of measures announced by the government in the past few months to ease liquidity and boost demand. If the report is to be believed, with improved sales during the first six months, overall sales rose marginally by 5 per cent. Throwing light on this, Anuj Puri, Chairman of Anarock Property Consultants says, “The unrelenting liquidity crisis, lower-than-expected buyer sentiments and faltering GDP growth eventually put brakes on the overall housing growth in the second half of 2019."
Bengaluru witnessed a 12 per cent fall in sales during the year. Both MMR and Pune collectively saw residential sales of nearly 1.22 lakh units as against 78,860 units in the southern cities of of Bengaluru, Chennai and Hyderabad and 46,920 units in the National Capital Region (NCR). Sales in NCR sales increased by 6 per cent to 46,920 units in 2019 from 44,300 units in 2018.On the supply front, the report said that a total of 2.37 lakh units were launched in 2019. The second half saw launches of over 97,000 units as against 1.4 lakh units in the first half, thus seeing a half-yearly decline of 30 per cent. However, it noted that on an annual basis, there was a 21 per cent rise in new supply in 2019 over 2018. The survey was carried out in NCR, MMR, Bengaluru, Pune, Hyderabad, Chennai and Kolkata.