Despite depressed consumption, the top seven cities across the country saw homes worth approximately Rs 1.54 lakh crore sold in the first three quarters of 2019, rising yearly by 16 percent, a new report has said.
Between January to September of 2019, nearly 2.02 lakh units have been sold across the top 7 cities; approximately 1.78 lakh units were sold a year ago. Sales increased to nearly 2.02 lakh units during the period under review from 1.78 lakh units last year, the report said.
In value terms, MMR topped the list with housing sales worth Rs 62,970 crore in 2019, followed by Bengaluru with sales worth Rs 28,160 crore. While MMR saw a yearly gain of 33 percent in the overall housing sales value over Rs 47,240 crore in 2018, Bengaluru saw a dip of 7 percent. Last year, the IT capital saw total housing sales worth Rs 30,310 crore during the same period, said the ANAROCK report.
Interestingly, Pune saw a 32 percent jump in the overall housing sales values during the year – from Rs 13,275 crore during January-September in 2018 to Rs 17,530 crore in 2019.
As many as 31,380 homes were sold in Pune in 2019. Housing sales in NCR was valued at Rs 24,860 crores in 2019 against Rs 21,600 crore in the three quarters of 2018 - an annual increase of 15 percent. This is significant considering NCR has been one of the worst hit residential markets in recent times, the report said.
Hyderabad and Chennai saw homes worth Rs 9,400 crore and Rs 5,580 crore respectively in 2019. In a year, Hyderabad housing sales declined by 2 percent while in Chennai it rose by 13 percent. Among the top 7 cities, Chennai saw the least overall sales value in 2019 - marginally below Kolkata, where homes worth Rs 5,850 crore were sold, it said.
Of the three quarters of 2019, the third quarter saw the worst overall sales performance. A combination of factors such as the ‘shraadh’ period (considered inauspicious), the ban on subvention schemes and a prolonged monsoon resulted in below par sales. As a result, there was a 17 percent yearly drop in the value of sold homes across the top 7 cities – from Rs 50,535 crore in the third quarter of 2018 to Rs 42,040 crore in the third quarter of 2019, said Anuj Puri, Chairman – ANAROCK Property Consultants.
At 35 percent, Bengaluru saw the largest drop in overall sales values in the third quarter of 2019 against the third quarter of 2018. The overall value of homes sold in the city was approximately Rs 7,540 crore in the third quarter of 2019.
MMR saw homes worth Rs 17,300 crore sold in the third quarter of 2019 against Rs 18,585 crore a year ago - an annual decline of 7 percent.
Pune saw the least decline in housing sales value in the third quarter of 2019 – homes worth Rs 4,775 crore were sold in the third quarter of 2019 against Rs 5,035 crore in the third quarter of 2018.
Hyderabad saw a 31 percent decline during the period, and in the third quarter of 2019 reported sales worth Rs 2,350 crore, the report said.
NCR saw a 13 percent yearly decline in the overall housing sales value – from Rs 7,775 crore in the third quarter of 2018 to Rs 6,745 crore in the third quarter of 2019, the report said.
Chennai and Kolkata saw housing sales values fall by 10 percent and 29 percent respectively. As on the third quarter of 2019, the overall sales value of homes sold was Rs 1,620 crore in Chennai and approximately Rs 1,710 crore in Kolkata.