INSITE Acres India’S No.1 Property Portal
www.99acres.com BANGALORE RESIDENTIAL MARKET UPDATE JANUARY - MARCH 2020 Market Sentiment INSITE 99acres India’s No.1 Property Portal FROM CBO’S DESK The calendar year 2020 began with some Real Estate (Regulation and Development) hopes of a revival for the residential realty Act 2016, Goods and Services Tax (GST), market in India with an increase in property and more lately the liquidity crisis amongst enquiries in January and February. Sales NBFCs and developers. The industry expects volume, too, reported growth over the home buyers to returning to the market only previous months in most metro cities, gradually as social distancing restrictions get barring Delhi NCR and Mumbai, where lifted, even though prices are likely to come supply overweighed demand. New housing down. Pro-realty measures announced by the launches remained low as the liquidity crisis Government, including loan moratorium and continued troubling developers; however, repo rate cut by 75 basis points have helped the silver lining was the upcoming festive soothe the sentiment of uncertainty among season in March. Fast-forward less than a homebuyers, but the industry is looking to month and the outbreak of novel COVID-19 in more support from the government. India turned tables as construction activities Currently sitting with an unsold inventory came to a sudden halt, and restrictions on of around 6.24 lakh residential units and site visits shrunk property sales significantly. 15 lakh under-construction homes in top The announcement of the 21-day lockdown eight metros, the real estate industry would further marred hopes of a quick revival in need more definite growth stimulators business activities.