Af­ford­able hous­ing projects in Mum­bai, NCRlead­growth

Hous­ing units in the range of 25 lakh to 50 lakh across ma­jor cities helped drive sales this fes­tive sea­son

HT Estates - - FRONT PAGE - HT Es­tates Cor­re­spon­dent

Res­i­den­tial sales across eight ma­jor cities in In­dia im­proved 15% in the sec­ond quar­ter of 2016-17, es­pe­cially dur­ing the fes­tive sea­son. Fur­ther im­prove­ment is ex­pected when more af­ford­able apart­ments are available in these mar­kets.

On an an­nual ba­sis, res­i­den­tial s ales across eight ma­jor cities in In­dia im­proved 15% in the sec­ond quar­ter of 2016-17. Sales were dom­i­nated by the Mum­bai Metropoli­tan Re­gion (MMR) and Na­tional Cap­i­tal Re­gion (NCR) which have shown 39% and 11% growth, re­spec­tively, on a year- on- year ba­sis. Ahmed­abad and Kolkata also saw an im­prove­ment in sales, says the res­i­den­tial mar­ket re­port of the sec­ond quar­ter of fi­nan­cial year 2016- 2017 (quar­ter end­ing Septem­ber 2016) by Li­ases Fo­ras which was re­leased re­cently.

In­ter­est­ingly, im­proved sen­ti­ments were ev­i­dent even dur­ing the pe­riod of pitra paksh, a time con­sid­ered in­aus­pi­cious for big- ticket pur­chases by many In­di­ans, says Pankaj Kapoor, manag­ing di­rec­tor of Li­ases Fo­ras.

Since t he gap be­tween af f ord­abil­ity and prices has re­duced and home loan rates have come down, prices have more or less re­mained un­changed. Also, buy­ers are pre­fer­ring ready-to-move-in prop­er­ties that are available aplenty in NCR, es­pe­cially in ar­eas such as Greater Noida West, he says.

It has also been ob­served that about 30% to 40% of the sales has been recorded in the projects that are near­ing com­ple­tion, says Kapoor.

The up­com­ing quar­ter is ex­pected to be good as sales dur­ing the Di­wali sea­son have im­proved. Go­ing for­ward, it is only go­ing to im­prove if prices do not go up and in­ter­est rates drop fur­ther, Kapoor adds.

The con­tri­bu­tion of af­ford­abe seg­ment to the over­all sales in the eight cities in­creased by 9%. The cu­mu­la­tive sales in all the eight cities was 24.7 mil­lion sq ft, all in the range of ₹ 25 lakh to ₹ 50 lakh. The ul­tra lux­ury seg­ment of over ₹ 2 crore recorded sales of 11.5 mn sq ft.

As for to­tal new launches dur­ing the quar­ter in­creased by 8% quar­ter- on- quar­ter to 58.5 mn sq ft. NCR and Ahmed­abad saw the high­est ad­di­tion with 12.7 mn sq ft and 10.2mn sq ft., re­spec­tively. As many as 34% and 32% of the new launches were ob­served in the price brack­ets of ₹ 25 lakh to ₹ 50 lakh and ₹ 50 lakh to ₹ 1 crore, re­spec­tively. The ₹ 50 lakh to ₹ 1 crore seg­ment in Hy­der­abad saw the max­i­mum num­ber of launches of 4.5 mn sq ft. Kolkata saw the max­i­mum num­ber of launches in the af­ford­able seg­ment (less than ₹ 25 lakh) while NCR saw the most launches in the price range of ₹ 25 lakh to ₹ 50 lakh.

Un­sold stock across Tier 1 cities rose by 12%, says the re­port. The max­i­mum i n c r e a s e w a s o b s e r ve d i n Ko l k at a f o l l owe d by Ahmed­abad, MMR and Pune. Chen­nai and Ben­galuru saw a de­cline of 7% and 3% re­spec­tively. Prices across all ma­jor cities more or less re­mained sta­ble. Mi­nor growth was ob­served i n Hy­der­abad, Ahmed­abad and Chen­nai. The weighted av­er­age price lev­els in MMR, NCR and Pune were stag­nant while Kolkata and Ben­galuru re­ported a 1% drop, says the re­port.

SANCHIT KHANNA

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