House sales and launches, which had declined by 16 per cent and 35 per cent (y-o-y) during the third quarter of FY20, were pulled down by around 26 per cent and 51 per cent respectively, during the fourth quarter, it added.
It said a nation-wide ebbing of consumer confidence triggered a preference for the purchase of completed houses, which adversely affected the sale of under-construction houses.
As new house launches plunged, the stock of unsold houses shrank and the inventory overhang (or average number of months required to sell a house) dropped, the report said.
Under-construction projects constitute 70- 80 per cent of the unsold inventory. House price growth remained contained in most cities in 2019-20, it added.
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