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Home sales fell 2% in 35 cities: NCR records highest YOY drop at 15%

Home sales fell 2% in 35 cities, with the National Capital Region (NCR) recording a maximum decline of 15% year on year, followed by Chennai by 9 per cent, Mumbai (MMR) with 7 per cent and Pune with 4 per cent, the report said.

Liases Foras, the residential real estate market report for the second quarter 2019-20, said up to 91,115 units were sold in 35 major cities in the September quarter, down 2 per cent from 93,426 homes in the previous quarter. Twenty-two of these cities saw a decline in sales. He said up to 1,310,570 units remained unsold in 35 cities.
More houses were sold at Rs. 30 crore or less, accounting for 30 per cent of sales, followed by Rs 50 lakh – Rs 1 crore (28 per cent) and Rs 30 lakh– Rs 50 lakh segment (27 per cent).

Low sales

While the home sales fell from the previous quarter, 20 of the 35 cities saw growth compared to the same quarter last year.

Among the top 15, an upward movement was observed in Nashik (25 per cent), Jaipur (22 per cent), Kolkata (11 per cent) Hyderabad (10 per cent), Ahmedabad (4 per cent), Bangalore (2 per cent) and External MMR (2). per cent).

Total sales in Tier 1 cities fell 4 per cent. NCR sales recorded a maximum decline of 15 per cent, year on year, followed by Chennai (9 per cent), MMR (7 per cent) and Pune (4 per cent).

There was a significant drop in all suburbs, except Gurugram, which showed a 50 per cent growth over the same period previous year. The largest decline was observed in Faridabad (71 per cent), followed by Ghaziabad (42 per cent), Bhawadi (38 per cent), Greater Noida (32 per cent) and Noida (26 per cent), according to the report.

Stock Not Sold

The number of unsold homes remained stable on a quarterly basis but increased by 5% year on year. Vadodara saw the largest increase, 40 per cent, in unsold units from 15 major cities, followed by Nashik (22 per cent), Surat (19 per cent), Pune (17 per cent) and Jaipur (17 per cent).

New Releases

Among many categories, the Rs30 lakh-Rs 50 lakh saw the most launches, accounting for 31 per cent of new units. The Rs. 50 lakh rupees – Rs. 1 crore sector contributed 28 per cent, Rs. 30 lakh and lower 27 per cent. The rest was in the luxury sector, 1 crore and higher.

MMR contributed a maximum stake of 20 per cent in the new releases, followed by Pune (17 per cent), NCR (9 per cent), Hyderabad (9 per cent) and Bengaluru (9 per cent), according to the report.

Low Price

The weighted average price in 35 cities showed a marginal percentage decrease compared to the previous quarter and the previous year.

Fifteen cities witnessed a decline in prices, while 17 cities recorded an increase. Hyderabad showed the highest price growth of 19 per cent, while MMR and Jaipur among the other major cities showed a maximum of 5 per cent decline in average prices, according to the report.

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