Homes worth ₹1.54 lakh crore sold in top 7 cities
Despite depressed consumption sentiment, the top 7 cities saw homes worth approx. INR 1.54 lakh crore sold in the first three quarters of 2019, rising yearly by 16%. The overall value of units sold in the corresponding period of 2018 was approx. INR 1.33 lakh crore.
Between January to September of 2019, nearly 2.02 lakh units have been sold across the top 7 cities; approx. 1.78 lakh units were sold a year ago.
In value terms, MMR topped the list with housing sales worth INR 62,970 crore in 2019, followed by Bangalore with sales worth INR 28,160 crore. While MMR saw a yearly gain of 33% in the overall housing sales value over INR 47,240 crore in 2018, Bangalore saw a dip of 7%. Last year, the IT capital saw total housing sales worth INR 30,310 crore during the same period.
Interestingly, Pune saw a 32% jump in the overall housing sales values during the year – from INR 13,275 crore during January-September in 2018 to INR 17,530 crore in 2019.
As many as 31,380 homes were sold in Pune in 2019. Housing sales in NCR was valued at INR 24,860 crores in 2019 against INR 21,600 crore in the three quarters of 2018 - an annual increase of 15%. This is significant considering NCR has been one of the worst hit residential markets in recent times.
Hyderabad and Chennai saw homes worth INR 9,400 crore and INR 5,580 crore respectively in 2019. In a year, Hyderabad housing sales declined by 2% while in Chennai it rose by 13%.
Among the top 7 cities, Chennai saw the least overall sales value in 2019 - marginally below Kolkata, where homes worth INR 5,850 crore were sold.
Q3 2019 UPDATE
Of the three quarters of 2019, Q3 saw the worst overall sales performance.
A combination of factors such as the ‘shraadh’ period (considered inauspicious), the ban on subvention schemes and a prolonged monsoon resulted in below par sales. As a result, there was a 17% yearly drop in the value of sold homes across the top 7 cities – from INR 50,535 crore in Q3 2018 to INR 42,040 crore in Q3 2019.
At 35%, Bangalore saw the largest drop in overall sales values in Q3 2019 against Q3 2018. The overall value of homes sold in the city was approx. INR 7,540 crore in Q3 2019.
MMR saw homes worth INR 17,300 crore sold in Q3 2019 against INR 18,585 crore a year ago - an annual decline of 7%.
Pune saw the least decline in housing sales value in Q3 2019 – homes worth INR 4,775 crore were sold in Q3 2019 against INR 5,035 crore in Q3 2018.
Hyderabad saw a 31% decline during the period, and in Q3 2019 reported sales worth INR 2,350 crore.
NCR saw a 13% yearly decline in the overall housing sales value – from INR 7,775 crore in Q3 2018 to INR 6,745 crore in Q3 2019.
Chennai and Kolkata saw housing sales values fall by 10% and 29% respectively. As on Q3 2019, the overall sales value of homes sold was INR 1,620 crore in Chennai and approx. INR 1,710 crores in Kolkata.