NEW DELHI: Home sales across top six Indian
cities saw a quarter-on-quarter decrease of 25 per cent in the quarter ending September,
the lowest sales ever since 2009 while unsold homes increased to 815,000
apartments, according to Liases Foras, the property research firm.
While sales in the National Capital Region (NCR) of Delhi went down to 34 per cent to 11.51 million sq ft compared
to previous quarter's 17.34 million sq ft, home sales in Mumbai were down 9 per
cent to 10.22 million sq ft. Bangalore and Chennai, were the worst hit with 43%
and 46% dropping in sales, respectively.
Unsold inventory increased from 765,000 flats in
the quarter ending June to 815,000 apartments till September. In the NCR region,
unsold homes rose to 318,000 units, which would take another 83 months to get sold
considering the current situation, said Liases Foras’ managing director Pankaj
Kapoor.
Mumbai too saw an increase in inventory to
170,000 apartments, which would take another 50 months to get cleared. The
report found Pune to be the most efficient market with an inventory of just 69,000
apartments that can be sold in another 23 months.
Propertyprices in most residential markets, except Hyderabad, went up marginally by 1-5
per cent in the respective quarter, while in Hyderabad it grew by 10 per cent.
Real
estate brokerage firm IndiaHomes’ managing director Samarjit Singh, said sales went
down in the month of September and did not improve much in October either. He
expressed anticipation that sales would increase in the next quarter.
This enthusiasm among home buyers began since the takeover of Narendra Modi
government at the Centre coupled with a forward looking economy in the last few
months. According to Residex, the National Housing Bank residential price index,
for the April-June quarter, out of 26 cities 18 cities saw increase in prices, with
Bhubaneswar scoring the lowest 0.5% and Pune clocking the highest 3.9%.
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