Real Estate Market in India at COVID-19
Real Estate Market in India at COVID-19 is worrisome. We as Joyville Manjri Pune and Joy Legend Bandra research team, we have found out Real Estate launches dropped 56% in the first half of 2020 compared to the second half of 2019.
The supply of units has dropped to its lowest levels in five years asked for the report sales from January to June 2020. Exceeded launchers despite the COVID-19 pandemic, but were 49 percent lower year-on-year at fifty seven thousand nine forty units sales in all cities put-together declined to 46 percent from 51 percent over the second half of 2019.
The demand slowdown has pulled prices lower, but between 5% to 25% depending on location and asset class staying range bound across cities during h1 2020.
The Real Estate price fall has been the maximum in luxury housing the trend is expected to continue as developers are eager to liquidate existing inventory in terms of city’s Bengaluru remained the most active market while Hyderabad had the least unsold inventory.
Inventory overhang increased to 44 months from 13 months over the last six months are search report by several than their suggested stalled residential real estate. Demand could show signs of a gradual pickup in six to 12 months.
Once the covert one line impact reduces on account of COVID-19 and works from home there has been an increased demand for customized work areas and wellness spaces it has also led to short-term impact in India’s commercial property market.
Ramesh Nayar CEO of Jones Lang LaSalle India told that office space leasing may fall by 30 percent in 2020 due to COVID-19 and resultant increase in work from home across major Indian cities on the residential front as well job uncertainties and pay cuts are keeping the salaried class very investing in real estate.
However a time correction is likely in property prices rather than a sudden drop surprises could stagnate over time while inflation and income rise globally 16 of 20 major cities are expected to witness a decline in housing prices through the rest of 2020.
Lisbon, Monaco, Vienna and Shanghai are the only four markets that might see price growth as for the may prime global residential forecast by Knight Frank India.
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We will keep you updated related to all news on Real Estate Market in India.
