The Covid-19 induced lockdown has hit the real estate industry hard in the first six months of 2020. Sale of residential units in Hyderabad fell by 43 per cent to hit a decadal low, while the office transactions in the city fell by 43 per cent to 0.2 mn sq m (2.2 mn sq ft) till June this year. In the new office space completions, the city saw a decline of 32 per cent to 0.2 mn sq m (2.7 mn sq ft) and new residential project launches fell by 19 per cent, according to a report by real estate consultancy Knight Frank.
In 2019, Hyderabad recorded an all-time high of 1.2 mn sq m (12.8 mn sq ft) in office transactions, which was the second highest amongst the top eight cities in the country. After the record high of 0.6 mn sq m (6.9 mn sq ft) in July to December of 2019, 2020 was slated to be as promising, if not more. However, due to Covid-19, Hyderabad by the end of June this year saw only 0.2 mn sq m (2.2 mn sq ft) of transaction activity, a fall of 43 per cent compared to same time last year, the report said.
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