Housing sales in Noida and Greater Noida rose by 51 per cent to 5,715 units during April-June period but fell by more than half in Gurgaon to 1,922 units, according to News Corp-backed real estate portal PropTiger.
Housing sales in Noida and Greater Noida rose by 51 per cent to 5,715 units during April-June period but fell by more than half in Gurgaon to 1,922 units, according to News Corp-backed real estate portal PropTiger. Overall, housing sales fell by 2 per cent to 61,639 units in top nine cities during April-June 2018 compared with 63,166 units in the year-ago period, the portal said in its latest ‘Realty Decoded Report’ for April-June 2018. The launches of new homes fell by 20 per cent to 41,839 units during the second quarter of 2018 calendar year from 52,218 units in the corresponding period of the previous year.
The unsold units across the top nine markets — Mumbai, Pune, Noida, Gurgaon, Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad — have come down by 9 per cent year-on-year to 7,57,000 units. “This was a decent quarter for the real estate sector and the numbers reveal that the market is changing for good,” said Ankur Dhawan, Chief Investment Officer, PropTiger.com, which is part of Singapore-based Elara Technologies that also owns Housing.com and Makaan.com.
He expects both new launches and sales to show improvements in the next two quarters driven by an uptick in economy as well as stabilisation of regulatory infrastructure. “Mumbai, Pune, Bengaluru and Noida have shown substantial improvement in the last quarter and we anticipate these cities to be the star markets in 2018,” Dhawan said. According to PropTiger, housing sales in Gurgaon (including Bhiwadi, Dharuhera and Sohna) fell by 52 per cent, which could be primarily attributed to drop in new launches of affordable housing units.
On sales, the report said that after a stupendous performance in January-March period, real estate developers did not show similar aggression in marketing and sales efforts in the second quarter of 2018 calendar year. “Most developers are saving their marketing budgets for upcoming festivals,” it added. As per the data, housing sales in Ahmedabad fell by 51 per cent to 2,014 units, while it dropped by 1 per cent in Bengaluru at 8,253 units.
Chennai saw a decline of 11 per cent in sales at 4,384 units, while Hyderabad witnessed a drop of 23 per cent to 4,199 units. Housing sales in Kolkata decreased by 30 per cent to 2,718 units. However, sales increased in Mumbai by 15 per cent to 21,827 units during April-June 2018 from 18,987 units in the year-ago period. Pune saw an increase of 9 per cent to 10,609 units.