Hous­ing sales up 7% in 2018 in 9 ma­jor cities; new sup­ply falls 22%

Financial Chronicle - - PLAN, POLICY -

In­creased de­mand for flats that are ready to move in or near­ing com­ple­tion helped hous­ing sales to rise by 7 per cent dur­ing 2018 to nearly 2.15 lakh units across nine ma­jor cities, ac­cord­ing to data an­a­lytic firm PropEquity.

New launches fell by 22 per cent to 1.46 lakh units dur­ing 2018 against 1.87 lakh units in the pre­vi­ous year.

Higher sales and fall in new sup­ply led to 10 per cent de­cline in un­sold stock at around 6 lakh units as on De­cem­ber 31, 2018.

The nine cities tracked by PropEquity are Gu­ru­gram, Noida, Mum­bai, Kolkata, Pune, Hyderabad, Bengaluru, Thane and Chen­nai.

"In 2018, we wit­nessed over 20 per cent fall in new launches in top nine In­dian cities as de­vel­op­ers across cities fo­cussed on ex­e­cut­ing and ag­gres­sively sell­ing pre­vi­ously launched projects. This also led to un­sold in­ven­tory fall­ing by over 10 per cent; and ef­fec­tively these top nine cities sold 7.2 per cent more units in 2018 ver­sus 2017 even with fewer launched projects," said Samir Ja­suja, Founder and MD, PropEquity.

The realty sec­tor is cur­rently on the up­swing, pri­mar­ily for ready-to-move hous­ing units or the projects that are near­ing com­pe­ti­tion due to low-risk fac­tors at­tached to them, he added.

"2019 is go­ing to be a water­shed mo­ment for the In­dian real es­tate sec­tor. We are wit­ness­ing solid de­mand for ready-to-move and near­ing com­ple­tion projects, which pri­mar­ily cater to end-users," Ja­suja said.

Ac­cord­ing to the data, Bengaluru saw 19 per rise in sales to 38,525 units dur­ing 2018, while sales in Chen­nai grew by 40 per cent to 14,920 units.

Hous­ing sales in Mum­bai went up by 9 per cent at 22,413 units, 16 per cent in Pune at 49,706 units and 14 per cent in Kolkata at 14,166 units.

How­ever, Gu­ru­gram saw a dip in sales by 16 per cent at 9,425 units, while sales in Hyderabad de­clined by 17 per cent at 15,486 units.

Hous­ing sales in Noida fell by 5 per cent to 3,828 units, while ab­sorp­tion in Thane dipped by 2 per cent to 46,347 units.

Among other prop­erty con­sul­tants, Knight Frank has re­ported low­est rise in hous­ing sales dur­ing 2018 at 6 per cent.

JLL In­dia said hous­ing sales rose 47 per cent in seven cities, ANAROCK data sug­gested 16 per cent rise in seven cities, and PropTiger showed 25 per cent rise in sales in nine big cities. The dif­fer­ence in the fig­ures is on ac­count of vari­a­tion in lo­ca­tions in the re­spec­tive re­ports.

P.E. An­a­lyt­ics owns and op­er­ates PropEquity, which is an on­line sub­scrip­tion based real es­tate data and an­a­lyt­ics plat­form cov­er­ing over 98,370 projects of 26,881 de­vel­op­ers across over 42 cities in In­dia.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.