Housing sales across the top seven cities of India dipped almost 18 percent year-on-year to 55,080 units in Q3 2019 on account of the ban on the subvention scheme and homebuyers being cautious about making property investments, reveals a new report by ANAROCK.
New launches fell 34 percent quarter-on-quarter and 13 percent YoY to 45,230 units in Q3. The top seven cities that contributed to new unit launches in Q3 included MMR (Mumbai Metropolitan Region), Pune, Bengaluru and NCR, which together accounted for 83 percent of supply additions.
MMR saw the launch of around 14,040 units — a decline of nearly 39 percent QoQ and 29 percent YoY. Over 64 percent of the new supply was added in the sub-Rs 80 lakh budget segment, the report said.
NCR added around 5,790 units in Q3, a decrease of 57 percent QoQ. The region saw the maximum increase in supply (38 percent) among the top cities on a yearly basis. Around 64 percent of new supply was in the affordable segment in Q3.
Kolkata and Chennai saw the lowest quarterly sales drop of 12 percent each while Hyderabad the highest drop at 26 percent, the report stated.
In terms of sales, Hyderabad saw the maximum decline (26 percent) during the quarter, with housing absorption falling to 3,280 units. Chennai and Kolkata saw the least sales decline at 12 percent each. As of Q3, Chennai and Kolkata recorded overall sales of 2,620 and 3,120 units, respectively.
MMR saw maximum sales in Q3 at 17,180 units, followed by Bengaluru with 10,500 units.
Unsold inventory in top cities declined by a percent to 6.56 lakh units in Q3. Hyderabad sheds the maximum unsold stock in the quarter at five percent. Bengaluru saw the highest yearly reduction in unsold inventory by 17 percent to 63,540 units in Q3, the report said.
As much as 41 percent of new supply in Q3 2019 was in the affordable segment and 36 percent in the mid-segment (priced between Rs 40 lakh to Rs 80 lakh).
As per the report, property prices remained largely stagnant across cities. However, Pune and Kolkata saw prices decrease by a percent over the previous quarter. Yearly trends also indicate no major change except for NCR, MMR, Bengaluru and Hyderabad, which saw a minuscule rise (one percent), the report added.Special Thursday Expiry on 7th Nov
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