Mumbai property sales up by 22% in July-September, new launches down by 59%
The country’s top nine property markets – including Mumbai – saw an aggregate increase of 24 percent in housing sales and 35 percent decline in new launches from July-September, according to News Corp-backed brokerage firm PropTiger.com.
In its ‘Realty Decoded’ report for Q2 of FY19, PropTiger said sales across the nine major cities rose to 72,472 units during July-September 2018 from 58,470 units in the same period last year.
New launches, one the other hand, dipped to 35,836 units from 54,170 units, while unsold stocks fell by 11 percent to 7,80,424 units during the review period.
The cities in consideration were Mumbai (including Navi Mumbai and Thane), Pune, Noida (including Greater Noida and Yamuna Expressway), Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata and Gurugram (including Bhiwadi, Dharuhera and Sohna).
“An increase in sales combined with a fall in launches is good news for the industry. The resulting decrease in inventory is a harbinger of increased activity in the sector over the next 12 months and points towards an upward movement in prices going forward,” PropTiger.com’s CEO Dhruv Agarwala told news agency PTI.
The significant reduction in launches indicates that developers are focusing on the completion of existing projects rather than launching new ones, Ankur Dhawan, Chief Investment Officer of PropTiger, said.
As per the data, sales in Mumbai region were up by 22 percent to 22,969 units during the second quarter of this fiscal compared to the year-ago period. Launches fell sharply by 59 percent to 11,603 units. Unsold stocks reduced by 8 percent to 3,01,761 units.
Pune witnessed a 50 percent increase in sales to 13,833 units. New launches were down 44 percent in this city to 6,248 units, while unsold stocks fell 12 percent to 1,37,166 units. Old stocks fell by 12 per cent to 36,588 units.
Noida saw the maximum rise in sales by 59 percent to 6,652 units, while launches fell by one-third to 1,617 units. Higher sales and lower new launches resulted in a 20 percent decline in unsold inventories to 69,953 units.
Sales in Bengaluru rose by 27 percent to 9,367 units, while launches were up by 30 percent to 4,598 units. The unsold units fell by 14 percent to 75,116 units.
Chennai saw a 54 percent rise in sales to 4,781 units. Launches jumped more than two-fold to 2,380 units. Unsold stocks in the city fell by 16 percent to 33,852 units.
The apartment sales in Hyderabad rose by 49 percent to 5,577 units, while launches jumped more than two-times to 3,296 units. Unsold stocks dropped slightly to 38,119 units.
Kolkata witnessed a 6 percent rise in sales to 3,915 units and 31 percent increase in launches to 2,927 units. Unsold stock remained flat at 43,803 units.
Housing sales in Gurugram fell by 43 percent to 3,332 units, but launches dipped by 46 percent to 1,839 units. Unsold stocks fell 14 percent to 44,066 units.
Ahmedabad saw a 15 percent decline in sales at 2,047 units, while launches fell by 28 percent to 878 units. Unsold inventories fell by 12 percent to 36,588 units.
With agency inputs