Housing Sales Falls 9%, New Supply Down 10% In October-December: Report
Housing sales fell 9 percent during October-December across nine cities to 60,453 units due to economic slowdown and liquidity crisis, according to a report.
Housing brokerage firm PropTiger recently reported 30 percent fall in sales in nine cities during October-December quarter. However, during 2019 calendar year, realty consultants Knight Frank India and Anarock mentioned that sales rose by 1 percent and 5 percent, respectively.
"The absorption witnessed a dip of 9 percent as compared to the same period last year and new launches have dropped by 10 percent on a year-on-year basis. The downtrend observed was mainly due to economic slowdown and liquidity crisis in the market," PropEquity said in its Q4 report.
The nine cities tracked by PropEquity are Mumbai, Thane, Bengaluru, Kolkata, Chennai, Noida, Gurugram, Pune and Hyderabad.
Residential real estate continues to be an end user driven market as ready to move-in or nearing completion properties are being preferred. Consumers are now looking for developers with excellent track records in terms of quality and execution.PropEquity report
According to the data, housing sales in Pune declined 9 percent during October-December period to 15,453 units as compared with the year-ago period.
Thane and Hyderabad saw 16 percent fall at 11,933 units and 4,643 units, while Bengaluru and Mumbai witnessed 12 percent dip each at 10,263 units and 5,996 units respectively.
Housing sales in Chennai too dropped 14 percent to 3,632 units.
However, Kolkata saw sales rising by 26 percent to 4,743 units. Housing sales in Gurugram rose by 19 percent to 2,175 units and Noida by 20 percent to 1,615 units.
"We expect markets to recover in 2020 and also expect government to announce positive measures in the forthcoming budget, said Samir Jasuja, founder and managing director at PropEquity.
PE Analytics owns and operates PropEquity, which is an online real estate data and analytics platform covering over 1,18,010 projects of 34,217 developers across 44 cities.