Res­i­den­tial sales drop in NCR

Hindustan Times (Chandigarh) - Estates - - FRONT PAGE - Ash­wini Ku­mar Sharma ash­[email protected]

De­vel­op­ers are find­ing it dif­fi­cult to hold on the story that the real es­tate sec­tor is re­cov­er­ing, es­pe­cially in the Na­tional Cap­i­tal Re­gion( NC R ). While on an av­er­age, sales have in­creased marginally in eight metro cities, they have dropped sig­nif­i­cantly in NCR.

Ac­cord­ing to the Res­i­den­tial Real Es­tate Mar­ket Re­port for July-Sep­tem­ber quar­ter 2018-19 by Li as es For as, a Mum­bai- based real es­tate rat­ing and re­search firm, “Dur­ing the quar­ter, res­i­den­tial real es­tate sale in­creased by 1% as com­pared to the last quar­ter in eight cities. How­ever, NCR and Pune have recorded a quar­ter-on-quar­ter (q-o-q) drop of 12% and 1% in sales, re­spec­tively, in the same quar­ter.”

The re­port cov­ers NC R, Mum­bai Met­ro­pol­i­tan Re­gion( M MR ), Ben­gal u ru, Chen nai, Hy­der­abad, Pune, Ahmed­abad and Kolkata.

The re­port also in­di­cates a drop of 16% in the num­ber of new project launches dur­ing the quar­ter end­ing Sep­tem­ber 2018 com­pared to the pre­vi­ous quar­ter (June 2018). How­ever, de­spite drop in project launches, the inventory of un­sold res­i­den­tial units has in­creased.

“Un­sold stock in­creased by 1% on a year-on-year (y-o-y) ba­sis and on q-o-q ba­sis the un­sold stock has grown marginally,” said the Li­ases Fo­ras re­port.

Kolka ta wit­nessed the high­est in­crease of 28% y-o-y in un­sold stock, fol­lowed by Hy­der­abad and Chen­nai show­ing 25% and 15% y-o-y growth, re­spec­tively. On the other hand, Hy­der­abad and Chen na ire corded max­i­mum q-o-q in­crease—that of 5% be­tween Q12018-19 and Q22018-19 in the un­sold stock. The good news for po­ten­tial home buy­ers is that prices ei­ther re­mained stagn ant or dropped dur­ing the quar­ter in the cities men­tioned ear­lier.

As per the Li as es For as re­port, “Weighted av­er­age prices across all tier-I cities re­mained stag­nant on an an­nual ba­sis and wit­nessed a dip of 1% on quar­terly ba­sis.”

An­other re­port by Anarock Prop­erty con­sul­tant, a real es­tate con­sul­tancy firm also paints a grim pic­ture for the NCR mar­ket.

While the re­port said sales have im­proved in seven met­ros, in­clud­ing NCR, it is scep­ti­cal about the lat­ter’ s res­i­den­tial mar­ket .“The realty mar­ket of Del­hiNCR has been one of the worst- af­fected in the coun­try amongst other prom­i­nent cities post the slow­down due to re­for­ma­tory changes in­clud­ing De Mo, R ERA and G ST. While other cities have gained sig­nif­i­cant mo­men­tum with the dust of these poli­cies fi­nally set­tling in, Delhi-NCR is yet to come any­where close to its peak lev­els,” said the re­port.

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