[ecis2016.org] New launches of housing units across the top nine cities in India have increased by 3%, while unsold stock dipped by 4%, indicating signs of a revival in demand, says a report by PropEquity
New launches of housing units increased by 3% across the top nine cities in India (Gurugram, Noida, Mumbai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chennai), in the first quarter (January to March) of 2019 to 42,504 units versus 41,101 units in Q4 2018, according to a report by PropEquity. This small but critical increase, indicates that developers across India are now beginning to launch new projects, as well as clearing earlier launched projects, the report added. In Q1 2019, unsold stock also dipped by 4% vs Q4 2018 and 10% Y-o-Y, owing to improving end-user demand. On a sequential quarter basis, sales (absorption) fell by 6% but was up by 5% Y-o-Y. This yearly jump indicates that sales may continue to improve, for rest of the year.
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The report noted that the Indian real estate market is currently driven by end-users, as ready-to-move-in or nearing-completion properties are being preferred, since they have minimum or no risk attached to them. “It has been a wonderful beginning for Indian realty, as finally new home launches have gathered pace. Also, with beneficial announcements for real estate in the budget, we can witness a further push to housing demand, especially in the affordable and mid-income segments. Branded and large developers, with good fundamentals, are expected to do well this year,” said Samir Jasuja, founder and managing director, PropEquity.
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Gurugram real estate market overview in Q1 2019
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Gurugram saw a decline of 58% on new launches in Q1, as compared to the previous quarter. Absorption saw an increase of 11% to 2,918 units in the QoQ period, as ready inventory was the first to be sold.
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Noida real estate market overview in Q1 2019
Noida saw a 73% increase in new launches, as new projects were launched in the mid segment, to take advantage of the improving market sentiment.
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Mumbai real estate market overview in Q1 2019
New launches witnessed a fall of 1% QoQ, with absorption also falling by 10%.
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Kolkata real estate market overview in Q1 2019
Kolkata saw a fall of 36% in new launches in Q1, with sales also crashing by 20% QoQ, as this market witnessed declining housing demand.
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Hyderabad real estate market overview in Q1 2019
This region saw the maximum jump in new launches with a 100% increase, at 3,026 units launched. Overall absorption fell by 19% in Q1, as supply was more than the demand in the quarter.
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Bengaluru real estate market overview in Q1 2019
India’s IT capital saw a marginal fall of 1% in new launches in the quarter. The city, which has a high unsold inventory of 94,979 units, saw a decline of 4% in unsold stock.
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Pune real estate market overview in Q1 2019
Pune saw a jump of 4% in new launches at 9,287 units in Q1. Absorption also went up by 3% at 14,996 units, indicating a healthy housing market.
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Chennai real estate market overview in Q1 2019
Chennai also saw a jump of 11% in sales in Q1, at 2,862 units.
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Thane real estate market overview in Q1 2019
Thane witnessed a massive jump of 40% in new launches in the quarter at 9,427 units but absorption fell by 14% in Q1. Unsold stock fell by 3% to 1,33,751 units in the quarter.
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Source: https://ecis2016.org
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