New supply of residential properties fell nearly 60 per cent in January-September this year as low demand due to COVID-19 forced developers to go slow on launching new projects, according to property consultant Anarock.
Fresh housing supply in January-September 2020 across seven major cities declined to 75,150 units from 1,84,700 units in the same period previous year. This is in line with sales that plunged 57 per cent to 87,460 units, the data showed.
As per the Anarock data, new supply of homes in the national capital region (Delhi-NCR) dipped to 13,010 units in January-September 2020 from 27,390 units in the year-ago period.
In Mumbai Metropolitan Region (MMR), where the spread of the coronavirus disease was high, new supply plunged to 18,380 units from 63,930 units.
Bengaluru saw a decline in fresh supply to 15,020 units from 29,440 units, and Pune witnessed supply going down to 12,720 units from 36,540 units.
New supply of residential properties in Hyderabad fell to 8,290 units from 11,050 units. In Chennai, it decreased to 5,240 units from 9,580 units.
In Kolkata, the fresh supply went down to 2,490 units in January-September period of this calendar year from 6,770 units in the corresponding period previous year.
Anarock said that most of the launches of new housing projects after April have been done on virtual platforms due to the pandemic.