16 percent increase in Home Sales During First Three Quarters of 2019
Indian real estate market has witnessed better sales during the first three quarters of year 2019, compared to the same period last year. While the sentiment among consumers and developers remains bearish, the data suggests better sales and higher revenue for Indian real estate sector. Real estate sales data review by ANAROCK Property Consultants follows......
Despite depressed consumption sentiment, the top 7 cities saw homes worth approx. INR 1.54 lakh crore sold in the first three quarters of 2019, rising yearly by 16%. The overall value of units sold in the corresponding period of 2018 was approx. INR 1.33 lakh crore.
Between January to September of 2019, nearly 2.02 lakh units have been sold across the top 7 cities; approx. 1.78 lakh units were sold a year ago.
In value terms, MMR topped the list with housing sales worth INR 62,970 crore in 2019, followed by Bangalore with sales worth INR 28,160 crore. While MMR saw a yearly gain of 33% in the overall housing sales value over INR 47,240 crore in 2018, Bangalore saw a dip of 7%. Last year, the IT capital saw total housing sales worth INR 30,310 crore during the same period.
Interestingly, Pune saw a 32% jump in the overall housing sales values during the year – from INR 13,275 crore during January-September in 2018 to INR 17,530 crore in 2019. As many as 31,380 homes were sold in Pune in 2019. Housing sales in NCR was valued at INR 24,860 crores in 2019 against INR 21,600 crore in the three quarters of 2018 - an annual increase of 15%. This is significant considering NCR has been one of the worst hit residential markets in recent times.
Hyderabad and Chennai saw homes worth INR 9,400 crore and INR 5,580 crore respectively in 2019. In a year, Hyderabad housing sales declined by 2% while in Chennai it rose by 13%. Among the top 7 cities, Chennai saw the least overall sales value in 2019 - marginally below Kolkata, where homes worth INR 5,850 crore were sold.