Housing sales were down 2 percent in 35 cities, with the National Capital Region (NCR) reporting the maximum decline of 15 percent year-on-year followed by Chennai at 9 percent, Mumbai Metropolitan Region (MMR) 7 percent and Pune 4 percent, a report has said.
As many as 91,115 units were sold in the top 35 cities in the September quarter, a 2 percent fall from the previous quarter’s 93,426 houses, Residential Real Estate Market Report Q2 2019-20 by Liases Foras said.
Twenty-two of these cities saw a drop in sales. As many as 1,310,570 units remained unsold in the 35 cities, it said.
Houses priced at Rs 30 lakh or less were sold the most, accounting for 30 percent of the sales, followed by Rs 50 lakh – Rs 1 crore (28 percent) and Rs 30 lakh– Rs 50 lakh segment (27 percent).
In Tier 1 cities, the Rs 50 lakh– Rs 1 crore segment houses had the highest share of sales at 30 percent, followed by the Rs 30-50 lakh (27 percent) and less than Rs 30 lakh (25 percent) segment, the report said.
While numbers were down compared to the previous quarter, 20 of 35 cities surveyed witnessed a growth when compared to the same quarter last year.
Among the top 15, upward movement was noticed in Nashik (25 percent), Jaipur (22 percent) Kolkata (11 percent) Hyderabad (10 percent), Ahmedabad (4 percent), Bengaluru (2 percent) and Outer MMR (2 percent).
Overall sales in Tier I cities dropped by 4 percent. Sales in NCR witnessed a maximum decline of 15 percent YoY followed by Chennai (9 percent), MMR (7 percent) and Pune (4 percent).
There was a significant drop in all suburbs except Gurugram, which showed a growth of 50 percent over the same period last year. The biggest drop was seen in Faridabad (71 percent) followed by Ghaziabad (42 percent), Bhiwadi (38 percent), Greater Noida (32 percent) and Noida (26 percent), the report said.
The number of unsold houses remained stable on QoQ basis but increased by 5 percent YoY. Vadodara saw the most increase, 40 percent, in unsold units among the top 15 cities, followed by Nashik (22 percent), Surat (19 percent), Pune (17 percent) and Jaipur (17 percent).
Among various categories, the Rs 30 lakh-Rs 50 lakh segment saw most launches, accounting for 31 percent of new units. The Rs 50 lakh– Rs 1 crore segment contributed 28 percent and Rs 30 lakh and lower 27 percent. The remaining were in the luxury segment, Rs 1 crore and above.
MMR contributed the maximum share of 20 percent to the new launches, followed by Pune (17 percent), NCR (9 percent), Hyderabad (9 percent) and Bengaluru (9 percent), the report said.
Weighted average price across 35 cities exhibited a marginal drop of a percent as compared to the previous quarter as well the previous year.
Fifteen cities saw a drop in prices, while 17 cities reported an increase. Hyderabad exhibited the highest growth in prices by 19 percent while among major cities, MMR and Jaipur showed a maximum drop of 5 percent each in the average prices, the report said.