Real estate too downturn: Homeownership decline by 9.5% in the country

New delhi date. November 4, 2019, Monday

There have been reports of economic downturns currently worsening across the country. In this recession, the real estate sector has also come. According to a report, people are not buying homes because of the downturn in real estate, and the proportion of what is being purchased has dropped to a very low level.

According to a recent report by PropEquity, sales of houses in the nine cities of the country declined by 9.5 percent in the July-September quarter this year. The report says demand for new homes has declined due to the economy slow down.

In addition, the cash crisis is also changing consumer sentiment. This comes against the fourth report in the third quarter of the calendar year 2019, pointing to a decline in housing sales.

Housing brokerage firm PropTiger and Enroc have also issued reports of first-quarter housing sales down 25 percent and 18 percent respectively in the July-September quarter. According to the report, 52855 units were sold in the middle of July to September 2019. That's 9.5% less than sales during the same period a year ago.

According to the present report, Chennai is among the top cities in which cities are experiencing a decline. Chennai is witnessing the biggest decline of 25 per cent, with only 3060 units being sold in July to September, compared to 4080 last year.

Similarly, if you look at other cities, Mumbai has seen a decrease of 22 per cent. Only 5063 units could be sold in Mumbai, followed by Hyderabad in third place. In Hyderabad, 4257 units could be sold with a 16% reduction.

Kolkata saw 12 per cent and Noida 11 per cent. Only in Gurugram and Pune, there was a slight upward trend in the housing sector.