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India Office and Home Sales Fall Most in Decade, Knight Frank Says

Housing Developments in Noida as Phantom Flats Have Homebuyers Fleeing a Once-Hot Property Market
Photographer: Anindito Mukherjee/Bloomberg

Sales of homes and leasing of offices across eight of India’s biggest cities saw their steepest 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.

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. Although policy makers have slashed interest rates, Knight Frank said higher risk perception has erased these gains on mortgages.