Speculator-driven NCR & MMR saw sales drop by 68% and 27% since 2013-14
Anuj Puri, Chairman – ANAROCK Property Consultants
From observing residential market trends over the past five years, it clearly emerges that 2013-14 was the last year where things still looked vibrant for the sector. Housing sales began plummeting after that, and there is no clear revival in sight as yet.
A quick trends assessment for the past 5 years reveals that during 2013-2014, an average of 3.3 lakh units was sold annually. Thereafter, with too many project launches facing off with decreasing demand, unsold inventory began piling up across the top 7 cities of India.
Housing sales dropped significantly in the 2015-2016 period. On an average, only 2.7 lakh units were sold across top 7 cities of India during 2015-16, recording a significant drop of 17% from the average sales of 2013-14.
When demonetization hit the nation during the 4th quarter of 2016, the situation turned from grave to savage.