Home sales fell 9.5 pcs in July-September in 9 cities: report
New Delhi, November 4 () Home sales decreased 9.5 percent during the period from July to September in nine major cities to 52,855 units with low demand, as the economic slowdown and the liquidity crisis affected the sentiment of buyers, according to a PropEquity report.
This is the fourth such report that shows a drop in home sales during the third quarter of the 2019 calendar year.
PropTiger and Anarock, which are one of the leading brokerage firms in the housing segment, reported a 25 percent and 18 percent drop in home sales, respectively, during the period from July to September. The real estate consultant JLL India, which is a dominant player in the lease of commercial properties, experienced a decrease of one percent.
According to the data analysis firm PropEquity, home sales totaled 52,855 units during July-September 2019, 9.5 percent less than 58,461 units in the same period last year.
Demand has definitely been affected in the last quarter with buyers who delay their decisions, said Samir Jasuja, founder and managing director of PropEquity.
The downward trend observed was mainly due to the economic slowdown, as well as the liquidity crisis in the market, the report said.
PropEquity said that the real estate market is currently a market driven by the end user with clients who prefer to be ready to move or be close to the termination properties.
In addition, consumers now look for developers with excellent backgrounds in terms of quality and execution, he added.
The new releases also fell 24 percent to 32,834 units. Stocks of unsold homes were reduced to 6.01,785 units from 6.21,806 units at the end of the June quarter.
According to PropEquity data, home sales fell in seven cities and increased only in two cities.
Chennai experienced a maximum 25 percent drop in home sales by 3,060 units during July-September 2019 compared to 4,080 units in the same period last year.
Home sales fell 22 percent in Mumbai to 5,063 units of 6,491 units, followed by Hyderabad which saw a 16 percent decrease to 4,257 units of 5,067 units.
Kolkata witnessed a 12 percent drop in sales to 3,069 units of 3,487 units, while Noida saw an 11 percent decrease to 990 units of 1,112 units.
Sales in Bangalore also decreased 9 percent to 9,843 units from 10,816 units. Thane experienced a 9 percent drop in sales to 10,714 units of 11,773 units.
However, Gurugram witnessed a 7 percent increase in sales to 1,190 units of 1,112 floors and Pune saw a 1 percent increase to 14,669 units of 14,523 apartments during the period under review. PropEquity, owned by P E Analytics, is an online subscription-based real estate analysis and data platform that covers more than 1.15,225 projects from 32,745 developers in more than 44 cities in India. MJH ANS ANS