MUMBAI: In its 'India Real Estate - Residential and Office Update H2 2020' report released on Wednesday, the property consultant Knight Frank India reported that sales of residential properties fell 37 pc to 1,54,534 units in 2020 across eight cities as compared with 2,45,861 units in the previous year. Similarly, the gross office space absorption declined 35 pc to 39.4 million sq ft from 60.6 million sq ft. However, both housing sales and gross office leasing during October-December 2020 were higher than the corresponding period of the previous year.
The sales of residential properties in the fourth quarter of the 2020 calendar year rose to 61,592 units from 58,402 units in the year-ago period on pent-up and festive demand, while office absorption increased to 17.5 million sq ft from 16.4 million sq ft. As per the annual data, housing sales fell in all eight major cities during 2020, with demand falling most in Ahmedabad and least in Pune.
In the office market, Hyderabad witnessed maximum decline in leasing activities and Ahmedabad the least. Knight Frank India tracks eight property markets -- Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad. In the residential property market, housing sales fell 18 pc in Pune to 26,919 units during 2020 from 32,809 units in the previous year, while Mumbai saw 20 pc decline at 48,688 units from 60,943 units.
Housing sales in Delhi-NCR decreased 50 pc to 21,234 units in 2020 from 42,828 units in the previous year, while demand slumped 51 pc in Bengaluru to 23,579 units from 48,076 units. In Chennai, sales fell 49 pc to 8,654 units in 2020 from 16,959 units in the previous year.
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