News: Residential sales across top 8 Indian cities in Q3 rose 25% sequentially: Report-09-02-2021
Synopsis
Due to limited new launches, the unsold stock reduced by 6% in terms of units and 7% in value. As of the December end, the total unsold inventory in the primary market was 12.52 lakh units valuing 8.65 lacs crore.
MUMBAI: Residential property markets across top eight Indian cities have recorded a 25% sequential growth in sales at 52,727 units in December quarter. Sales witnessed a recovery in all cities with highest growth seen Mumbai Metropolitan Region (MMR), Hyderabad, Pune and Ahmedabad. Housing sales rose 46% in MMR, followed by 31% in Hyderabad, 26% in Pune and 25% in Ahmedabad, showed data from Liases Foras Real Estate Rating & Research. Overall sales across tier I cities during the quarter decreased by 24% compared to last year when the sales were 69,718 units. Unsold units remained stable on a sequential basis, and the current unsold inventory across the tier I cities stands at 926,824 units. Unsold inventory eased maximum in Kolkata by 4% sequentially and 13% from a year ago. Property prices remained stable in tier I cities on both sequential and on-year basis
During the entire year of 2020, housing sales in India shrank 31%, both in terms of values as well as in terms of unit sales. In 2020, the top 60 cities' housing sales stand 2.62 lacs units, down 31% from 2019, the data showed. Due to limited new launches, the unsold stock reduced by 6% in terms of units and 7% in value. As of the December end, the total unsold inventory in the primary market was 12.52 lakh units valuing 8.65 lacs crore. Disposal of this will take 60 months considering 1.72 lakh crore of the value of sale registered in 2020. Tier I cities' contribution in residential sales during the year 2020 went down by 32%, both in terms of units' sales and values. The National Capital Region (NCR) witnessed the maximum drop in sales at 45%, followed by Bengaluru at 39%. The Mumbai region has seen a decline of 29% in annual unit sales and 32 % in stock value during the year. MMR contributed 33% of the value of sales done by the tier I cities in 2020. Among the top tier I cities, Pune witnessed the least drop in sales at 22% during the calendar year.
