Price Trends Across Major Cities

The latest Housing Price Tracker, published by CREDAI (Confederation of Real Estate Developers’ Associations of India) in collaboration with Colliers and Liases Foras, reveals significant variations in house price trends among India’s largest cities. According to the report:

• Bengaluru, Hyderabad, and the National Capital Region (NCR), which includes Delhi, Faridabad, and Gurugram, have experienced a dramatic increase in average house prices, rising by over 50 percent from January-March 2019 to the second quarter of 2024.
• In Mumbai Metropolitan Region, house prices have remained stable compared to five years ago. Although prices were lower by five percent in the second quarter of 2023 compared to Q1 2019, the market has since stabilized.

Year-Over-Year Changes

The year-over-year data highlights:

• Delhi and the NCR saw the highest increase in house prices, with a 30 percent rise from the second quarter of 2023, driven primarily by luxury real estate projects.
• Bengaluru follows with a 28 percent increase, while Ahmedabad and Pune each saw a 13 percent rise.
• The remaining top cities have experienced more modest price changes, staying well below the ten percent increase threshold.

Expert Insights

The Reuters poll underscores a trend of rising house prices, particularly in the luxury segment. The demand for high-end properties continues to outpace that for affordable housing, which remains constrained by developer profit margins.

Also Read: Mumbai Real Estate Market Sees Record Highs in Property Prices

Credit and Sources

The data for this report is sourced from the Housing Price Tracker by CREDAI, in association with Colliers and Liases Foras. The Reuters poll provided insights into the expected price growth for 2024.

The post Know How Much your Housing Price will Increase? appeared first on Square Feat India.

Annual Price Surge of 12%

The report highlights a significant annual growth in housing prices, with an average increase of 12% year-on-year (YoY) across the eight major cities. Delhi NCR recorded the highest YoY growth, with prices surging by 30%, followed closely by Bengaluru.

Quarterly Price Increases: Delhi NCR and Bengaluru Lead

Delhi NCR witnessed the highest quarterly price rise at 16%, driven by substantial price hikes in micro-markets such as Dwarka Expressway and Greater Noida. Bengaluru followed with an 8% increase in average housing prices. Notably, Delhi NCR’s luxury segment saw a considerable boost, with 3-4 BHK configurations experiencing up to a 12% QoQ price increase.

Unsold Inventory Declines Amidst Robust Demand

The report also notes a decrease in unsold inventory across most cities, reflecting robust sales activity. Kolkata experienced the highest sequential decline in unsold inventory at 5%, with Pune, Ahmedabad, and Chennai also seeing reductions. Despite these positive trends, MMR reported a slight increase in unsold units due to a surge in new launches.

Pune and Ahmedabad See Notable Reductions in Unsold Units

Pune stood out with the most significant annual drop in unsold inventory, falling by 13%. Ahmedabad and Chennai also reported a decrease in unsold housing units, with annual reductions ranging from 6% to 8%. This reduction indicates a healthy absorption rate in these markets.

Continued Growth and Market Dynamics

Boman Irani, President of CREDAI National, attributed the steady growth to strong homebuyer sentiment and ongoing positive market conditions. He emphasized that the festive season and government infrastructure initiatives are expected to further impact housing prices and inventory levels positively.

Badal Yagnik, CEO of Colliers India, noted that despite rising prices, demand remains robust, supported by stable interest rates and recent budgetary measures. He anticipates that the upcoming festive season will invigorate the housing market with increased sales and new launches.

Micro-Market Insights: Delhi NCR and Bengaluru

In Delhi NCR, Dwarka Expressway and Greater Noida saw impressive quarterly price increases of 35% and 24%, respectively. Bengaluru’s Inner East and Periphery & Outer East micro-markets reported notable price rises, with Inner East experiencing a 25% increase.

Outlook and Future Projections

Vimal Nadar, Senior Director and Head of Research at Colliers India, highlighted the strong demand in luxury and ultra-luxury segments, particularly for spacious units. The recent changes in long-term capital gains tax are expected to boost investor and homeowner sentiment, further supporting market growth.

As India approaches the festive season, industry stakeholders will closely monitor new launches and housing stock, anticipating continued momentum in the residential real estate sector.

Also Read: CIDCO to Launch Housing Scheme for 902 Flats on Krishna Janmashtami

The post Housing Prices Rise Across Top Indian Cities, Reports CREDAI-Colliers-Liases Foras appeared first on Square Feat India.

Housing prices across the top eight cities in India (Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad) continue to head northwards at 6% YoY amidst robust housing demand and quality launches by top developers. Since the beginning of 2022, housing prices have been on the rise on the back of increased demand seen since last year, paired with rise in input prices. Delhi-NCR saw the highest increase in residential prices at 14% YoY, followed by Kolkata and Ahmedabad with 12% and 11% YoY increase respectively.

New launches have been on the rise since the beginning of the year as the market regains momentum after a hiatus, despite rising interest rates and input costs since the beginning of the year. Overall^[1], unsold inventory rose 3% YoY. Owing to the spike in launches in the past few quarters, around 94% of the unsold inventory in India are under construction. Majority of the cities saw a dip in unsold inventory, with Bengaluru witnessing the steepest decline of 14% YoY, led by higher sales. Only Hyderabad, MMR and Ahmedabad saw an increase in unsold inventory, led by significant new launches. MMR continues to account for the highest share in unsold inventory at 37%, followed by 13% in Delhi- NCR and Pune each.

Harsh Vardhan Patodia, President of CREDAI National stated, “The Real Estate market across the country has witnessed a K-shaped recovery in terms of prices, the consumer sentiment has continued to stay robust as the pandemic reshaped the importance of owning a home rather than renting one. With the festive period expected to continue till the end of this year, we can expect sales to be northbound and the number of unsold inventories to decline as well. While there has been a rise in housing prices in line with the global inflationary trends, the market can expect the prices to continue to rise owing to the robust demand. The industry has embarked towards solidity after a let-up due to the pandemic and should be able to stabilize in H1 of 2023”.

“After uncertainty in the past two years, 2022 has ushered in relative stability and recovery for the residential market across top eight cities. The rise in inflation and hike in input costs have put upward pressure on housing prices pan India. Several developers have launched projects and offered rebates during the festive period. While residential activities continue to remain strong, recessionary pressures may have an impact on the salaried class, who form a notable share in homebuying in the top Indian cities,” said Ramesh Nair, Chief Executive Officer | India & Managing Director, Market Development | Asia, Colliers.

“The aggregated sales of three-quarters of CY22 are 16% higher than the aggregate similar three quatres sales of CY 21. Despite increasing interest rates and marginal property prices, there is still a parity between the prices and affordability; sales volumes are likely to stay strong. The year 2022 is slated to pose highest ever sales in the residential market in India, said Pankaj Kapoor, Managing Director, Liases Foras”.

Pan India residential prices Q3 2022 (in INR/sq ft) –

Delhi-NCR continues to witness highest price appreciation during Q3 2022, at 14% YoY

Housing prices in Delhi-NCR have witnessed an uptick since September 2020. Delhi NCR saw the highest increase in housing price across pan India at 14% YoY. Golf Course Road saw the highest price rise of 21%, followed by Ghaziabad. The unsold inventory in the city dropped by 11% YoY during Q3 2022.

Unsold inventory rose 21% YoY in MMR region, while housing prices continue to remain stable

MMR, with the rise in significant new launches, witnessed a rise in unsold inventory for the fifth quarter in a row. Unsold inventory rose 21% YoY in the region, while housing prices continue to remain rangebound with a slight dip of 1% on a quarterly basis. However, Western Suburbs (beyond Dahisar) saw the highest increase in prices at 10% YoY followed by Panvel with 8% increase YoY.

Bengaluru witnessed a steepest decline in unsold inventory, at 14% YoY

While housing prices in Bengaluru increased 6% YoY after remaining rangebound for the last two years, unsold inventory witnessed a sharp decline during Q3 2022, dropping by 14% YoY. Amidst high inclination towards homeownership and higher disposable income, demand for large spaces and self-sustained properties is rising. During Q3 2022, unsold inventory dropped 34% compared with Q3 2019 levels.

Also Read: MAHA GOVT FORMS COMMITTEE TO STREAMLINE REAL ESTATE IN NAVI MUMBAI

The post Housing prices witness 6% rise in Q3 2022 appeared first on Square Feat India.

By Varun Singh

A resurgence in residential demand has led to a 5% increase in prices across the top eight cities (Delhi-NCR, MMR, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad) while registering a marginal decline in unsold inventory during Q2 2022. Residential prices, which have surpassed pre-pandemic levels, have been seeing an upward trend led by rising demand amidst rising prices of construction materials. Delhi-NCR saw the highest increase in residential prices at 10% YoY, followed by Ahmedabad and Hyderabad with 9% and 8% YoY increase respectively.

The sales momentum that started in the latter part of last year continued in Q2 2022 as well, led by pent-up demand and attractive pricing. Hence, despite rising prices and an increase in new launches in the last few quarters, unsold inventory saw a dip in the majority of the cities. Bengaluru witnessed the steepest decline of 21% YoY in its inventory overhang, led by higher sales.  Only Hyderabad, MMR and Ahmedabad saw an increase in unsold inventory, which was led by significant new launches. MMR still accounts for the highest share in unsold inventory at 36%, followed by 14% in Delhi- NCR and 13% in Pune.

Harsh Vardhan Patodia, President of CREDAI National stated, “The central bank continues to increase repo rates to offset the impact of inflation and banks are expected to increase loan interest rates  including that of home loans. As captured in this report, the housing prices have increased between 2 – 5% across cities, as materials and labour costs continue to remain high. We may see a marginal dip in demand due to increasing interest rates, but I am confident that the sales will continue to grow across segments from September, as we enter the festive season”.

 “Rising homeownership amongst millennials supported by higher disposable income and willingness to upgrade to larger spaces equipped with better amenities have sparked a sharp growth in housing demand in the last few quarters. Demand for self-sustained properties replete with best-in-class amenities has also been increasing post-pandemic. These have led to strong growth in housing sales in the last few quarters. Prices have also seen a 5% rise on YoY basis.

RBI has increased the repo rate amidst inflationary pressures and banks have already begun increasing the lending rates. However, the upcoming festive season is likely to keep the market sentiment high resulting in higher sales.” said Ramesh Nair, Chief Executive Officer | India & Managing Director, Market Development | Asia, Colliers.

“Price to remain range bound. With discounted EMI schemes, we see early signs of developers absorbing the impact of increasing interest rates. Sales volumes are likely to improve as we see growing new supply with festive offers, said Pankaj Kapoor, Managing Director, Liases Foras”.

Pan India residential prices Q2 2022–

Delhi-NCR saw the highest YoY change with a 10% surge in residential prices

Over the period of two years prices in Delhi-NCR have been rising. Delhi NCR saw the highest increase in prices across Pan India at 10% with an average carpet price of INR 7,434/ sq feet in Q2 2022. Golf course road saw the highest price rise of 21%YoY followed by Noida Expressway. The entire region’s inventory dropped 10% YoY in Q2 2022, as developers focused on offloading older projects. While overall unsold inventory is the lowest in three years, the majority of the unsold inventory is concentrated in Noida extension and Greater Noida, followed by Ghaziabad.

Unsold inventory in MMR rose 14% YoY, while prices remained range-bound

MMR, which accounts for the highest unsold inventory at 36% share, saw a 14% rise in unsold inventory in the last year. The rise in unsold inventory was led by significant new launches in the city. Housing prices largely remained range-bound, with a slight rise of 1% YoY. However, Western suburbs (beyond Dahisar) saw the highest increase in prices at 12% YoY. Unsold inventory in Central suburb extension accounts for 26%, majority share in the price range of INR 7,500-10,000 per sq ft. Bengaluru sees the steepest drop in unsold inventory at 21% YoY

Bengaluru witnessed a sharp decline in its unsold inventory during Q2 2022, dropping by 21% YoY. Inventory overhang in Bengaluru is continuously falling since the beginning of 2019 and is currently the lowest in the last three years. Almost the entire unsold inventory is in Bengaluru’s peripheral areas. This is owing to the large number of projects being launched in the peripheral areas of the city, due to promising prospects in these locations.

Also Read: Luxury Housing Clocks 12% Supply Share in Q2, Mumbai Leads

The post Housing prices up 5% YoY amidst demand appeared first on Square Feat India.

By Varun Singh

Q1FY23 (June 22) witnessed the highest ever quarterly launches of 95,550 units in Tier 1 cities in India. MMR alone contributed 32,800 units, followed by Hyderabad (17,130), Pune (14,615), and Ahmedabad (12,669).

According to Liases Foras a real estate research firm, Sales grew 2% in the June quarter (Q1 FY 22-23). 77,015 units were sold during the quarter in Tier 1 cities. MMR clocked the maximum sales of 18,847 units, followed by Pune, 15,615 units, and Bengaluru, 10,505 units, respectively. Unsold increased 2% on QoQ basis, and the current unsold across the top 8 cities stands at 924,408 units. It decreased ~5% in
Bangalore, Chennai, NCR, and Pune on QoQ.

Unsold in MMR reached 320,711 units, an increase of 10% on a QoQ basis. The average month’s inventory of all projects in Tier 1 cities stands at 36 months, the best since 2014.
With 19 months of inventory, Bengaluru reaches to an efficient level of months inventory of below 20 months.

Completed projects have the least months inventory of 12 months in Tier 1 cities, while the under-construction projects have 45 months of inventory. The average price in tier I cities increased 3% on QoQ and 6% on a YoY basis. 58% of projects showed price appreciation of 0 to 5%, and 22% of projects showed more than 5% appreciation. 20% of the projects had seen a price decline up to 10% on a YoY basis. H1 2022 is now the best performing half year in sales numbers since 2009.

Also Read: Amidst disruptions, residential housing prices rose by 4%

The post Q1: 22-23 Of 95K units in Tier 1 cities, MMR alone contributed 32K units appeared first on Square Feat India.

By Varun Singh

A pick-up in housing demand across most cities and skyrocketing prices of raw materials for almost 2 years, led to YoY increase in housing prices, surpassing pre-covid levels across all 8 metro cities (Delhi, Mumbai, Kolkata, Pune, Hyderabad, Chennai, Bengaluru, and Ahmedabad) , according to the first edition of the Housing Price-Tracker report, jointly conducted by CREDAI, Colliers, and Liases Foras.

As per the report, the average residential prices in India rose 4% YoY during Q1 2022 after a prolonged slowdown, indicating that the residential market is on its path to recovery. While Delhi-NCR saw the highest YoY change with a noteworthy 11.3% surge in housing prices, prices in Bengaluru and MMR on the other hand remained largely stable. However, New Mumbai and western suburbs (beyond Dahisar) saw a 9-10% increase in prices on a YoY basis. Additionally, overall unsold inventory across the country declined marginally by 1% as demand improved for 7 consecutive quarters owing to by low loan rates and largely stable prices, even while all 8 cities saw an increase in prices.

Hyderabad and Ahmedabad also recorded a substantial YoY increase in prices with 9% & 8% respectively while Delhi-NCR led the charts in this aspect. Kolkata also recorded a 6% jump whereas Pune witnessed a 3% jump in its YoY increase in prices. However, MMR accounted for the highest share of unsold inventory, followed by Delhi-NCR and Pune.

Pan India residential prices Q1 2022

Harsh Vardhan Patodia, President of CREDAI National stated, “Price hike has been an ongoing issue, but we are pleased with the finance minister and the government’s intervention to control the rise in the cost of raw materials and in turn control inflation as the Indian economy had stayed resilient while grappling the strains of cost inflation of raw material prices in the last 18 months. Measures to reduce import duties on steel products, iron ore, and steel intermediaries, will provide a breakthrough for bolstering the availability of raw materials domestically, cool off the prices of steel products, and help tide the rise in prices of projects, strengthening consumer sentiment. Lowering custom duties on coal products will further aid the production of cement and shall help control the skyrocketing prices of cement.”

Patodia further added, “It will be important to capitalize on the current situation and help the sector back to a U-shaped recovery and the reduction in prices of fuel tax to pre-covid levels will provide an added impetus to help all sectors agnostic of their business and it’s respective consumers. Going forward, we suggest the state government cut down on state duties on fuel too to have a direct impact on the rise in inflation. CREDAI sincerely hopes that manufacturers will pass on the price cuts to end-users. This will help the real estate developers negate increased construction costs over the last 2 years, which will only help prospective homebuyers.”

Bengaluru sees the steepest drop in unsold inventory

In Q1 2022, Bengaluru noted the steepest drop in unsold inventory by 23% YoY. Residential demand in the technology-led city has climbed as the pandemic saw technology companies and startups performing well. Prices in the city have been stable for over a year.

After Bengaluru, Kolkata and Pune witnessed the next steep decline in unsold inventory with a 15% and 11% descent on a YoY basis, portending a recovery in demand. On the other hand, unsold inventory in Hyderabad increased 41% YoY. The rise in unsold inventory comes on the back of an increase in launches in the city. Most of the unsold inventory was seen in under-construction projects.

“It is exciting to see India’s residential market performing well and beating market expectations after so many years. End-users have faith in the market, and we expect credible developers to see higher sales this year as end-users are discerning about the reputation of the developer. There can be a meaningful increase in prices over the next 6-9 months in the range of 5-10%, across most of the markets. We can also see more activity in the high-end segment, in addition to the affordable segment” said Ramesh Nair, Chief Executive Officer, India and Managing Director, Market Development, Asia, Colliers.

MMR sees demand returning

MMR, which accounts for the highest unsold inventory at 32% saw stable unsold inventory in the last one year. At a time when the region saw significant new launches, stable unsold inventory signifies a revival in demand in the market. In terms of unsold inventory, central suburb extension accounts for 26% of the unsold inventory with the majority share in the price range of INR5,000-7,500 per sq feet.

“Jan-March quarter 2022 witnessed the new launches back to the pre-covid level. The coming quarters see an increasing flow of new launches. The fresh supply will induce an improvement in volumes. Thus, the sales will continue to grow despite the recent increase in the interest rates”, concluded Pankaj Kapoor, Managing Director, Liases Foras.

Also Read: Residential demand in Mumbai increases 15.2 percent

The post Amidst disruptions, residential housing prices rose by 4% appeared first on Square Feat India.

By Pankaj Kapoor

The standard narrative of most talk shows, media articles, and investor presentations suggests the consolidation in the real estate market. The general perception is that the demonetization and introduction of RERA and GST compliances have made real estate a business of deep pockets. Smaller developers have been or are being acquired by the large developers. Thus there is massive consolidation in the market. However, the data from Liases Foras shows an entirely different story.

We have analyzed the consolidation theory from three angles.

1. Is the real estate market witnessing a reduction in the number of developers?
2. Is the contribution of revenue and sales skewed towards the Top 50, 100, 200
   developers?
3. Are supply-side consolidation, joint ventures, and takeovers increasing the supply
   magnitude of large developers, and has this increased their revenue?

Methods
Since most of the interventions mentioned above were introduced post-2015, Demonetisation in 2016, RERA, and GST came into force in 2017; thus, we decided to look at the data trends from 2015 from the perspective of the above three questions.

Liases Foras has been tracking the real estate market across 60 cities in India, monitoring active projects’ performance in primary marketable supply.

At present (as of Dec 2020), there were 11,620 developers with 17,022 active projects. The definition of marketable supply is that the developers should have unsold inventory for those projects, and he is offering them for sale in the market. Thus this consists of only primary supply and does not include resales or proposed supply.

Far from consolidation, the supplier ecosystem is broadening

Data shows a steady increase in developers’ number from 7,876 developers in 2015, growing over 50% to 12,249 by 2019. The number of builders has been increasing every year, except during CY 2020, which has reduced the number of developers with active supply mainly because of the Covid-19 impact.

Instead of consolidation, the trend suggests that the real estate market has been broad basing all these years.

Total sales value increased, but the share of top builders fell.

The value of the stock sold also shows similar trends.

The annual value of sales contributed by all the builders show an upward trend. In contrast, the percentage share of top builders witnessed a decrease, especially from CY 2018, which offers a broad-based market when smaller developers increase market share.

From 2015 to 2019, the sales value increased by 20%, except during 2020 when the sales dropped by 31% due to the Covid 19 impact.

The share of the top 50 builders oscillated between 27% to 24% from 2015 till 2019 and then dropped to 23% during the Covid times in 2020. similarly, the top builders up to 1000 lost their market share by at least 4% since CY 2018.

Here, the top 50, 100, or 200 developers mean the aggregated revenue of the top 50, 100, or 200 developers out of the total developers in the respective years.

The growth in numbers of smaller developers was maximum except during the Pandemic.

The third perspective also stands true; the data show growth in super large and large developers.

The total number of developers has shown a growth of 48% since 2015. Smaller developers constitute approximately 80% of the total number of active developers in these cities. Interesting to see that despite higher numbers, smaller developers grew 45% since 2015.

The increase in the number of super-large and large developers during pandemic times suggests amalgamation and joint ventures. But this reflects growth on the supply side that does not infer the consolidation of demand or market.

The number of super-large and large developers has increased in CY 2020. The number of medium and small developers has decreased during CY 2020, while the total number of builders also decreased.

The question that raises confusion is that when there are amalgamations, why is the number of developers not decreasing?

The answer is that joint ventures or amalgamations are happening at the project’s level and not a developer’s level. For example, a Mumbai-based developer, Nirmal Group, who had nine marketable projects, given three of his projects for the development and sales to three different developers, namely, L& T Realty, Shapoorji Pallon Ji, and Godrej Properties.

These projects have shifted from the books of Nirmal to these three developers’ books, while all four developers existed despite the amalgamation. The Nirmal group is still managing six of its projects. Most of the amalgamations are such.

Value of sales increased for small developers

When CY 2018 and CY 2019 are compared, the reduction in the value of sales within the super large developers and increase in the value of sales in smaller developers indicates that the dominance of super large developers in the market share is getting distributed to smaller developers.

The average business done by a super large builder has seen the maximum decline of 39% during the Covid times, although the decrease of revenue of smaller developers was lowest, just 19%.

Commentary
RERA has acted as enablers and has helped the market to become broad-based. It has enabled smaller performing developers to access credit facilities from the financial institution. Our experience working with lenders also suggests similar trends. The incentives brought to boost affordable housing under PMAY have also helped smaller developers. While large developers launched mega townships, mostly far away in the peripheral locations, smaller developers offered affordable housing in interactive and end usable areas.

Their pricing, product mix, and location cater to local needs more efficiently. India’s real estate landscape has been expanding and broad-basing. The magnitude of developers is categorised based on the supply launched to date.

Conclusion
The housing production in tier 2 and tier 3 cities are growing much faster than in tier 1 cities. The smaller cities’ contribution to the Indian real estate landscape has been steadily increasing over the year.

Sales in Tier 1 cities grew 22% between 2015 to 2019; during the same period, sales in Tier 2 cities grew 73%, from 59,390 in 2015 to 76,466 units in 2020.

While Covid 19 has impacted the demand for tier 1 cities, it has benefited the smaller towns. Work from home/ hometown has triggered the phenomenon of spatial diffusion of jobs. The high cost of living, densities, and experience of remote working abilities coupled with cost benefits suggest that the jobs move to places where people live.

Tier 2 cities are slated to grow faster with the government’s boost for the manufacturing sector. The finance minister committed an infusion of Rs 1.97 lakh crore for the manufacturing industry. With the land cost and labor cost being cheaper in tier 2 cities, the manufacturing units are more likely to operate from smaller towns, driving smaller towns’ economic growth.

The economic growth in the smaller towns will further boost housing production and credit growth to the broader region of the Indian economy.

Rather than consolidation, the landscape of housing is expanding and will continue growing. Smaller developers of tier 2 and tier 3 cities will play a significant role in broadening housing and housing finance in India.

About The Author: Pankaj Kapoor is the Founder and MD – Liases Foras, a Real Estate Research Firm

Please Note: Views Expressed in this article solely belong to Pankaj Kapoor.

Also Read: NRI want to buy Real Estate for Self use or as Investment? Answer is here

The post Smaller Developers Being Acquired By Big Ones? Don’t Conclude Before You Read This Till The End appeared first on Square Feat India.

By Varun Singh

Island City, comprising of South Mumbai, and Central Mumbai saw a sale of only 204 units in the first quarter of 2020-21.

This is the lowest in MMR, which saw a total of 6,396 units being sold in Q1 of 2020-21.

Island City starts from Colaba/Cuffe Parade till Mahim and Wadala. It comprises of Altamount road, the Beverly Hills of South Mumbai, Worli, Lower Parel, Malabar Hill and other areas.

According to a report by Liases Foras, a real estate research firm, Island City in Q1 of 2019-20 sold 563 units. This figure went up in Q4 of 2019-20 to 642 units.

However, it came down to 204 units in Q1 of 2020-21 a drastic fall of 68% compared to previous quarter.

Western Suburb which starts from Bandra and ends at Dahisar saw a sale of 869 units in Q1 of 2020-21. The figure was 2,135 in Q4 of 2019-20, while it stood at 2,168 in Q1 of 2019-20.

Central Suburb which is from Sion till Mulund sold only 538 units in the Q1 of 2020-21, while in Q4 of 2019-20 it sold 1,683 units. In Q1 of 2019-20 the units sold stood at 1,760.

Western Suburb Extended that is from Mira Road to Virar sold 885 homes. In Q1 of 2019-20 it was 1,728 units, which rose to 2,355 in Q4 of 2019-20.

Central Suburb Extended which is from Kalyan till Bhiwandi, Titwala and Badlapur; witnessed the highest sales in Q1 of 2020-21. It sold 2,210 units in the first three months of the financial year. This figure stood at 5,285 units in Q1 of 2019-20, while 5,303 in Q4 of 2019-20.

Thane comprising of areas like Thane, Kalwa and Kasarwadavli, saw a sale of 1,050 units in Q1 of 2020-21. While it had sold 1,830 units in Q4 of 2019-20, and 2,284 units in Q1 of 2019-20.

Navi Mumbai comprising of Navi Mumbai till Taloja and Kamothe, Ulwe and Karanjade, in Q1 of 2020-21, sold only 346 homes. In Q1 of 2019-20, it had sold, 2,289 and 1,972 homes in Q4 of 2019-20.

Panvel also had a bad time in sales, only 294 homes were sold in Q1 of 2020-21. In Q1 of 2019-20, it had sold 1,074 units while in Q4 of 2019-20 it had sold 874 units.

On a yearly basis, sales decreased maximum in New Mumbai and Panvel by 85% and 73% respectively.

On quarterly basis, sales decreased in all the suburbs with maximum reduction in New Mumbai by 82% followed by Central Suburb one Island city each by 68%. Panvel (66%), Western Suburb Extended (62%), Western Suburb (59%), Central Suburb Extended (58%) and Thane (43%).

On a yearly basis unsold Stock increased by 5% each in Central Suburb and Western Suburb Extended followed by 3% in New Mumbai and 2% in Central Suburb Extended.

On quarterly basis, unsold stock reduced by 6% in Central Suburb Extended, 2% each in Western Suburb and Western Suburb Extended. Marginal reduction was seen in Island City, Central Suburb, Thane, New Mumbai and Panvel.

“The main reason for the drop in sale figures is the lockdown due to the COVID 19 pandemic,” said a real estate broker.

According to builders and brokers, there’s hardly any sales taking place, as everything has come to a standstill. Situation has worsened with uncertain future in terms of job losses and salary cuts.

Also Read: 8 points on what makes more sense to buy or rent a home

The post Island city sells only 204 units in Q1 of 2020-21 appeared first on Square Feat India.