Sales in the residential real estate segment declined 30 per cent during the October-December quarter on a year-on-year basis across nine major cities in the country, a PropTiger report said on Tuesday.
A total of 64,034 homes were sold across nine key markets during the third quarter of the financial year 2019-20.
"Housing sales in India's nine key property markets fell 30 per cent annually during the October-December quarter despite the government launching several measures in the recent past to revive buyer sentiment. As against 91,464 units sold during the quarter last year, only 64,034 homes were sold across the nine markets in Q3 this year," it said.
Mumbai contributed nearly 40 per cent to the overall sales numbers during the period under review, as per the report.
"What points towards a nation-wide phenomenon, sales declined across all these markets, with Bengaluru, popularly known as India's Silicon Valley, registering a 50 per cent fall in sales numbers."
For the period, April-December 2019-20, sales at 2,28,220 units fell by 13 per cent, compared to 2,63,294 units last year.
New project launches in India's nine key residential markets continued to decline, falling 44 per cent year-on-year to 41,133 units during the October-December quarter, primarily on liquidity concerns, the report said.
"Only 41,133 units were launched in Q3 FY20, as against 73,226 units in the corresponding period last fiscal, the report shows. New launches fell across markets, with Kolkata and Gurugram seeing the biggest fall, at 79 and 74 per cent, respectively," it said.
Nearly 40 per cent of new launches were concentrated in India's financial capital Mumbai. Affordable housing continued to dominate launches, with 52 per cent units launched in this segment across the major cities.
The cities covered under the survey were Ahmedabad, Bengaluru, Chennai, Gurugram, Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Pune and Noida, including Greater Noida and the Yamuna Expressway.