Home sales down 44% in Oct-Dec 2016, Delhi and NCR hit most

Housing market came to a “complete standstill” during October-December 2016 on adverse impact of demonetisation as sales fell by 44 per cent in the eight top cities, lowest since 2010.

This resulted in a Rs 22,600 crore revenue loss to the builders, according to Knight Frank. The property consultant has pegged the state government’s notional loss on stamp duty at Rs 1,200 crore.

Home sales in residential segment fell to 40,936 units in eight major cities during October-December 2016 from 72,933 units in the year-ago period and 68,734 units in the previous quarter, according to a report released by Knight