News: Only Gurgaon, Mumbai buck dip in housing sales pan-India-01.11.2017

Only Gurgaon, Mumbai buck dip in housing sales pan-India

NEW DELHI: At a time when housing sales dropped 18% year on year to 44,755 units in nine major cities during the September quarter on continued slowdown in the property market, sales in Gurgaon rose by 60% to 3,342 units, according to a report by realty portal Prop Tiger.com. The report said Mumbai also saw a 6% rise in sales to 12,101 units during the second quarter of this fiscal.

In other cities, new launches of homes fell by 53% to 22,115 units in the second quarter of the current fiscal owing to the implementation of new real estate law Rera, said the report.

It also said seven cities — Pune, Noida, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad — witnessed decline in sales as well as launches, while only two cities Mumbai and Gurgaon saw rise in demand and supply.

News Corp-backed PropTiger.com is part of Elara Technologies, which also owns Housing.com and Makaan.com.

"The new Rera and GST regime impacted launches as well as sales in the second quarter of FY '18. However, sales showed a marked improvement in September over July and August, driven by festival offers launched by most developers," said Ankur Dhawan, chief investment officer, PropTiger.com.

Ahmedabad saw the maximum fall in sales of 46% to 2,222 units in the July-September quarter of 2017-18, over the year-ago period.

The decline in sales in Pune was 32% to 7,214 units, followed by Noida 29% to 3,606 units, Bengaluru 27%

to 6,976 units, Chennai 23% to 2,945 units, Kolkata 21% to 2,993 units and Hyderabad 18% to 3,356 units.

"Due to improved buyer confidence, Mumbai and Gurgaon recorded an increase in sales by 6% and 60% respectively over Q2 FY'17."