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.
