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Housing sales reviving, FY21 sales seen 40-50% down
TIWN
Housing sales reviving, FY21 sales seen 40-50% down
PHOTO : TIWN

New Delhi, Nov 22 (TIWN) Although demand for residential properties have recovered in the past couple of months to pre-pandemic levels, the overall primary sales is likely to fall 40-50 per cent in the top 10 cities during the current financial year, according to a Crisil report.

The report noted that, while the overall rebound in real estate demand in October was faster than envisaged earlier, its sustenance post the festive season will be a "monitorable".  "On full-year basis, we estimate overall primary sales to witness a decline of 40-50 per cent in top 10 cities. With 'ready to move' inventory constituting 10-20 per cent of the total inventory in key cities and upcoming supply this fiscal at similar levels,  capital values are likely to remain under pressure at least for the rest of this fiscal," it said.  The decline in the first half of th current fiscal for the top 7 listed developers has been in the range of 10-20 per cent compared with a decline of 50-60 per cent in top 10 cities, indicating a shift towards key developers.

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