MUMBAI: Residential launches across India’s top eight property markets have witnessed a major upturn with 68 per cent jump during the quarter ended September over the previous quarter that was marked by the lockdowns owing to the outbreak of Covid19 pandemic.
The growth in housing launches was led by Hyderabad, Kolkata, Mumbai and Pune. Launches rose 658 per cent on-quarter in Hyderabad, 326 per cent in Kolkata, 238 per cent in Mumbai Metropolitan Region (MMR) and 164 per cent in Pune, showed data from Liases Foras Real Estate Rating & Research.
While sales, launches and inventory levels have improved sequentially from the lockdown quarter, the performance remains far from recovering to the year ago levels.
“Sales in the NCR and Bengaluru witnessed maximum decline of 47% and 46%, respectively. Least decline was seen in Chennai at 22%”
Launches continue to be down 70 per cent when compared with a year ago period.
These eight tier I markets have recorded sales of 42,297 units in September quarter, up 60 per cent from June quarter. Sales witnessed a maximum Increase of 68 per cent in Kolkata followed by 64 per cent in Ahmedabad and 60 per cent each in MMR and Bengaluru.
Overall sales across tier I cities, however, declined 37 per cent from a year ago. Sales in the National Capital Region (NCR) and Bengaluru witnessed maximum decline of 47 per cent and 46 per cent, respectively on from a year ago followed by 37 per cent in Ahmedabad and 32 per cent in Kolkata. Least decline of sales was seen in Chennai by 22 per cent and Pune by 35 per cent.
Prices in the consolidated tier I cities, according to Liases Foras, remained the same on both sequential and on-year basis.
Unsold units decreased by 3 per cent on a sequential basis and the current unsold across top 8 cities stands at 932,767 units. Months’ inventory reached 66 months during the quarter from 109 months in the previous quarter which is a 39 per cent drop as sales increased faster than new launches. Although when compared to the year ago period it still remained 54 per cent higher.
Download The Economic Times News App to get Daily Market Updates & Live Business News.