Home Sales are up in the country at the same time, new supply of housing units also jumped 37% in the same period to 44,459 units from earlier 32,565 units. The last calendar quarter of 2019 was relatively better as demand led to some recovery in the housing sector in India.
By Varun Singh
Home sales in the country have seen an upward trend. According to a study by PropEquity, a real estate data, research and analytics firmHome sales pan-India saw a surge of 12%, and new launches are up by 37% in Q4.
The study shows that, home sales or absorption of housing units increased by 12% across top 9 cities in India in the fourth quarter of 2019 to 60,453 units versus 53,909 units in Q3 2019.
New supply of housing units also jumped 37% in the same period to 44,459 units from earlier 32,565 units. The last calendar quarter of 2019 was relatively better as demand led to some recovery in the housing sector in India.
Residential real estate in India continues to be an end user driven market as ready to move-in or nearing completion properties are being preferred. Developers with excellent track record in terms of quality and execution continued to witness solid sales numbers across projects.
Pune, Bengaluru and Thane were top cities on the basis of supply and absorption in Q4 2019. Also, the unsold stock decreased by 3% as compared to the previous quarter as housing sales improved.
“Housing market has definitely improved and we are witnessing green shoots of recovery as evident from the latest Q4 report. However, it will take mid to long term time for the sector to come out from its lows. Q4 is seasonally a better quarter for the housing market due to various schemes and new launches offered by developers because of festive period. We continue to expect market to recover in 2020 and also expect govt. to announce positive budgetary measures in the forthcoming budget,” Samir Jasuja, founder and managing director at PropEquity said.
Cities
Gurgaon
Gurgaon saw a massive increase of 339% in new launches in Q4 at 1217 units. Sales Increase by 78% in the sequential quarter at 2,175 units.
Noida
Noida saw 372 % increase in new launches in Q4 and sales increasedby 55% to 1,615 units.
Mumbai
New launches witnessed an increase of 136% in Q4 at 3,501 unitswith absorption increased by 28% to 5,996 units.
Kolkata
Kolkata saw an increase of 66% in new launches in Q4 at 5,026 units with sales increasing by 52% to 4,743 units.
Hyderabad
Hyderabad saw a decline of 12% in new launches in the quarter at 3,332 units, sales also fell by 4% to 4,643 units.
Bengaluru
India’s IT capital saw anincreaseof 4%in new launches in the quarter at 9,073 units. Housing sales alsoincreased 4% to 10,263 units.
Pune
Pune witnessed an increase of 55% in new launches at 12,468 units in Q4, absorption also increased4% to 15,453 units.
Chennai
Chennai saw a decline of 2% in new launches in Q4 at 2,946 unitsbut sales increased by 9% to 3,632 units.
Thane
Thane witnessed an increase of 42% in new launches in the quarter at 5,608 units, absorption increasedby 9% in Q4 at 11,933 units.
