[ecis2016.org] Despite a decrease in the number of launches, sales of housing units have increased substantially in the top nine metro cities in Q2 FY2019, with Mumbai, Pune and Chennai witnessing 50 per cent higher sales, as compared to the previous year
Sales of housing units in the top nine property markets in India increased by 24 per cent during the July-September 2018 period (Q2 FY2019), while new launches declined by 35 per cent, according to PropTiger.com’s ‘Realty Decoded – Q2 FY’19’ report. Housing sales stood at 72,472 units during Q2 FY2019, up from 58,470 units in the year-ago period across the nine major cities of Mumbai (including Navi Mumbai and Thane), Pune, Bengaluru, Chennai, Hyderabad, Kolkata, Gurugram (including Bhiwadi, Sohna and Dharuhera), Noida (including Greater Noida and Yamuna Expressway) and Ahmedabad. The sales momentum picked up in almost all the cities except Ahmedabad and Gurugram, while Mumbai, Pune and Chennai recorded more than 50 per cent improvement in sales, over the previous year.
You are reading: Housing sales increase in Q2 FY2019, led by Mumbai, Pune and Chennai: PropTiger.com Realty Decoded report
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New launches fell to 35,836 units from 54,170 units, with Mumbai, Pune and the NCR witnessing the maximum reduction in new launches. Unsold inventory in the top nine cities reached the lowest level in the last 13 quarters, reducing by five per cent against the previous quarter and 11 per cene year-on-year. The overall inventory overhang also reduced to 34 months, as compared to 38 months in the previous quarter. Hyderabad had the lowest inventory overhang of 22 months, whereas Ahmedabad had the highest of 47 months.
Other highlights
- Affordable housing continued to dominate the supply and launches across cities. Pune, Ahmedabad and Kolkata accounted for the maximum unsold inventory in the less than Rs 25 lakhs segment.
- Except for the NCR, all other cities witnessed price appreciation, with Hyderabad and Mumbai leading the rally.
[ecis2016.org] New launches struggle, sales remain flat in Q2 CY2018: PropTiger Realty Decoded report
Weighted average^^ BSP (Rs per sq ft) of apartment units as at the end of quarter
| City | Q2 FY’18 | Q2 FY’19 | Price change (Y-o-Y) |
| Ahmedabad | 2,961 | 2,963 | 0% |
| Bengaluru | 4,903 | 5,052 | 3% |
| Chennai | 5,108 | 5,132 | 0% |
| Gurugram^ | 5,238 | 5,050 | -4% |
| Hyderabad | 4,095 | 4,558 | 11% |
| Kolkata | 3,801 | 3,865 | 2% |
| MMR** | 8,725 | 9,153 | 5% |
| Noida* | 3,895 | 3,870 | -1% |
| Pune | 4,736 | 4,775 | 1% |
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Notes: ^^ Price weighted on number of units supply in respective projects in a city; * Noida includes Greater Noida and Yamuna Expressway; ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane); ^ Gurugram includes Bhiwadi, Dharuhera and Sohna; Analysis includes apartments across the regions.
Outlook for Q2 FY’19
- Headwinds faced by the real estate industry in 2017 is over now. Teething issues of RERA and GST, two key reforms of 2017 have also been resolved.
- Real estate launch cycle has bottomed out and might stay subdued for a few more quarters. Industry focus is more on consolidation and less on new launches.
- Most of the sales will continue to be in the less than Rs 50 lakhs budget and hence, developers will restructure their projects, to launch smaller-sized units.
- Prices will start moving up in cities such as Pune, Bengaluru and Hyderabad, where the distress of unsold inventory is reducing.
Source: https://ecis2016.org/.
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Source: https://ecis2016.org
Category: Lifestyle
