Housing sales in Mumbai, Pune, Chennai, Kolkata decline in July-September quarter: New report reveals data

Housing sales dropped 6 per cent to 1.03 lakh units in the July-September quarter across nine major cities, according to PropEquity.

Real estate data analytics firm PropEquity tracks primary residential markets in nine major cities — Mumbai, Navi Mumbai, Thane, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Pune and Kolkata.

The data showed that housing sales in these nine cities fell to 1,03,170 units in July-September from 1,09,420 units in the same period a year ago, news agency PTI reported.

New supply fell to 98,165 units from 1,00,330 units during the period under review.

State-wise tally

Among cities, housing sales in Bengaluru rose 1 per cent to 17,340 units in July-September from 17,170 units in the year-ago period.

Sales in Hyderabad climbed 11 per cent to 15,470 units from 13,890 units.

In Mumbai, sales of residential properties fell 8 per cent to 9,830 units from 10,690 units.

Thane in the Mumbai Metropolitan Region saw an 11 per cent decline in sales to 16,230 units from 18,240 units.

However, Navi Mumbai witnessed a 12 per cent rise in sales to 9,810 units from 8,730 units.

Housing sales in Pune fell 16 per cent to 17,860 units from 21,190 units, and sales in Delhi-NCR slipped 12 per cent to 8,090 units from 9,230 units.

In Chennai, sales dropped 17 per cent to 4,680 units from 5,640 units.

Kolkata also witnessed a 17 per cent fall in sales to 3,860 units during the July-September quarter from 4,640 units in the year-ago period.

Samir Jasuja, founder and CEO of PropEquity, said tier 1 cities continue to hover around the 1 lakh quarterly mark for new supply and sales of residential properties.

Why the sales decline?

Subdued demand and lower fresh supply of homes were among the reasons cited for the decline in the report. Global economic uncertainties also contributed to muted buying sentiments.

Housing sales generally are slow during the July-September quarter because of monsoon rains, discouraging real estate developers from launching projects.

Sales improve in the December quarter on account of festive demand. To cash in on this demand, developers increase fresh supply and also offer many incentives to lure customers.