NEW DELHI :
Realty portal Magicbricks has reported up to 5 per cent fall in real estate prices across eight big cities during April-June, while property searches on its platform dipped 27 per cent compared to the previous quarter due to COVID-19 pandemic.
The volume of active listing of properties on Magicbricks website, too, fell 42.5 per cent during April-June 2020 from the first quarter of this calendar year, it said in a report.
Magicbricks.com is owned by Magicbricks Realty Services, which is a subsidiary of Times Internet, the digital arm of the Times of India Group.
"the real estate prices in the top 8 cities observed a 2-9 per cent decline in April 2020 as an immediate reaction to the crisis. However, the overall price decline in the April-June quarter remained range-bound, with just 1-5 per cent decrease across TIER I cities," Magicbricks CEO Sudhir Pai said in a report.
At the city level, the real estate market of Mumbai Metropolitan Region (MMR) fared slightly better as compared to other regions, despite being worst hit by COVID-19, he added.
Pai said the average price decline in the MMR was in the range of 0.4 per cent to 0.8 per cent.
"Southern cities were relatively worse off, with prices declining by a significant 3 per cent to 5 per cent ," he said.
Gurgaon and Noida markets in the National Capital Region (NCR), which were already facing headwinds for quite some time, resisted downward pressure on price.
"Overall, the situation seems to be contained and we haven't yet witnessed any significant price reductions during the COVID-crisis," Pai said.
He noted that most TIER I cities witnessed an inverse correlation between prices and demand.
"Cities where prices declined more, also saw a higher share of consumers coming back to the market to look for attractive deals," he said.
As per the report, property prices In Hyderabad fell by 5.2 per cent during April-June quarter compared with the previous quarter.
Real estate prices in Bengaluru fell 2.8 per cent, while rates dipped 3.1 per cent in Chennai.
In the Delhi-NCR region, Gurugram saw a fall of 0.4 per cent, Noida-Greater Noida minus 0.2 per cent and Delhi minus 2.3 per cent.
Prices declined by 0.4 per cent, 0.6 per cent and 0.8 per cent in Navi Mumbai, Thane and Mumbai, respectively.
Pune witnessed a fall of 1.6 per cent, Kolkata (-1.3 per cent) and Ahmedabad (-3.5 per cent).
Magicbricks said the monthly traffic exceeds 2 crore visits and with an active base of over 14 lakh property listings.