Housing sales up 24% in top 9 cities: report
NEW DELHI: Top nine property markets in the country saw 24% increase in housing sales during July-September period, but new launches declined by 35% resulting in a fall in unsold apartments, according to News Corp.-backed brokerage firm PropTiger.com.
Housing sales rose to 72,472 units during July-September 2018 from 58,470 units in the year-ago period across nine major cities. New launches dipped to 35,836 units from 54,170 units, while unsold stocks fell by 11% to 7,80,424 units during the period under review, PropTiger said in its Realty Decoded report for Q2 of FY19. These cities are Ahmedabad, Bengaluru, Chennai, Gurugram (including Bhiwadi, Dharuhera and Sohna), Hyderabad, Kolkata, Mumbai (including Navi Mumbai and Thane), Noida (including Greater Noida and Yamuna Expressway) and Pune. “An increase in sales combined with a fall in launches is good news for the industry. The resulting decrease in inventory is a harbinger of increased activity in the sector over the next 12 months and points towards an upward movement in prices going forward,” PropTiger.com’s chief executive officer Dhruv Agarwala told PTI.
Ankur Dhawan chief investment officer of PropTiger said that significant reduction in launches clearly indicates that developers are focusing on the completion of existing projects rather than launching new ones.
As per the data, Noida saw the maximum rise in sales by 59% to 6,652 units, while launches fell by one-third to 1,617 units.