The residential sales recorded at 69,886 units in Q3 of FY19 as compared to the same period last year, mainly driven by affordable housing segments.
Third-quarter residential property sales saw 5% jump in year-on-year basis across top tier I cities in the country with southern cities leading the growth. The residential sales were recorded at 69,886 units in Q3 of FY19 as compared to the same period last year, mainly driven by affordable housing segments as per the statistics.
As per the report, higher sales were led by Chennai, which saw 22% jump in sales and Hyderabad at 18%. Additionally, Pune witnessed a growth of 14% in sales followed by Bangalore and Ahmedabad at 11% each and at Kolkata 10% and MMR 9%. However, NCR is the only city that witnessed a decline in sales with sales dropping by 17% as compared to last year.
“Close to 53% of this quarter sales, were contributed by sub-50 lakhs segment, where in the segment of 25-50 lakhs is beginning to gain more traction with 12% YoY growth. Ultra luxury segment (>2Cr) has observed a 6% drop on QoQ and an 18% drop on YoY basis,”
However, unsold stock has seen a 3% rise on a year-on-year basis. While Kolkata witnessed a 25% increase which is the highest followed by Hyderabad and Chennai showing 20% and 19% growth respectively.
Weighted average prices across all Tier I cites remained stagnant on quarterly basis and witnessed a dip of 1% on an annual basis.
Also the numbers are interesting and highlight that sales of housing units in the top nine cities of Mumbai, Pune, Noida, Gurugram, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad, fell by eight per cent during the October-December period of 2018 (Q3 FY2019), as compared to the previous quarter. However, on a year-on-year (y-o-y) basis, sales improved in all the cities other than Gurugram, which witnessed a slowdown due to non-approval of affordable housing projects. Cities in Maharashtra, namely, Mumbai and Pune led the growth pack, showing more than 50 per cent improvement in sales, year-on-year.
