Property price trends across eight of India’s biggest cities saw their biggest fall in a decade in the first half of 2020, according to Knight Frank, as lockdowns to contain the coronavirus pandemic worsened already slowing economic growth and consumer demand.
The property market was being hobbled by a cash crunch even before the coronavirus outbreak, which has already infected more than 3,50,000 people in the world’s second most populus country.
Residential sales fell 54% and absorption of office space declined 37% between January and June from the same period a year earlier, the research firm said in a report published Thursday.
“With income uncertainty for future, demand for housing will take a hit,” said Chairman Shishir Baijal.
In India’s two biggest cities, the financial capital Mumbai and the national capital Delhi, property prices were expected to plunge 7.3% and 7.0% this year. Those cities, with nearly 20 million habitants, have the highest COVID-19 infection rates in India.
“Most occupiers are expected to hesitate in committing to expansion in the current market scenario and may delay their leasing decisions for later,” according to the report. “For the office market, it will be a wait and watch till a more permanent solution to this pandemic is found.”
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