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India records its worst decline in real estate in a decade: report

Jul 18, 2020 15:59 IST

Knight Frank India’s half-yearly report for 2020 reported that residential sales across eight top property markets fell by 54% in the first half of Calendar Year 2020, as just 59,538 homes were sold between January and June. That number was 1,29,285 in H1CY19. Similarly, residential launches plummeted by 46% as 60,489 homes were launched versus 1,11,175 launches last year. In the office-space market, merely 17.2 million square feet worth of transactions were all that could be completed between January and June across eight top property markets. Knight Frank's report said that this is a 37% drop from 27.4 million square feet that saw transactions last year, in these markets.